Markets and New Industrial Policy: Systemic directionality or polycentric evolutionism?

LSE Philosophy Research Fellow Bryan Cheang and colleague Mark Pennington (King's College London) have published their new paper "Markets and New Industrial Policy: Systemic directionality or polycentric evolutionism?" in the the Journal of Economic Behavior & Organization.

The authors discuss recent attempts to revive “new industrial policy” and why it's not applicable. They suggest that neither a laissez-faire/market fundamentalist position nor one that favours “systemic directionality" work well, and discuss a more evolutionary approach.