ABSTRACT
Any policy, be it industrial or otherwise, must be crafted and executed in the context of a particular age, society, and international relations. The world of the early twenty-¼rst century in which we live is different from past ones. In order to achieve industrialization, some policies frequently employed in the nineteenth century or even a few decades ago are no longer permitted or effective today. Conversely, public intervention that was unknown pre viously may have to be invented and forti¼ed to take advantage of new situations. Industrial policy formulation consistent with the needs and constraints of a particular place and time must start with the understanding of the shifting political, social, and global environment in which such policy must operate.
