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Since the mid-1990s, economic growth rates in large and populous middle-income countries have substantially outpaced those in OECD countries. This has reshaped the global economy and favoured convergence in global income per capita. The process of ‘shifting wealth’ was led by China and India, but other countries are also contributing to it, including Brazil and South Africa. In spite of the persistence of large gaps in income per capita between OECD and non-OECD economies and the wide inequality within developing countries, most developing countries have improved their macroeconomic management and have started to address long-term structural challenges.
Developing countries are still accumulating capital and labour but they are also improving capabilities and increasingly using and producing innovations. However, mastering technology and knowledge in order to move up the value chain is still a goal to be achieved for most of them. To address the new development challenges, some countries are implementing industrial policies to sustain growth by diversifying and upgrading domestic production.The renewed interest in industrial policy poses new challenges and opportunities for policy makers. These issues were explored in this lecture by Mario Pezzini and are based on the 2013 OECD Development Centre report, Perspectives on Global Development 2013: industrial policies in a changing world.
Mr Mario Pezzini is Director of the OECD Development Centre. Prior to joining the OECD, Mr Pezzini was Professor in Industrial Economics at the Ecole Nationale Supérieure des Mines de Paris as well as in US and Italian Universities. Mr Pezzini has also served as an advisor in the field of economic development, industrial organisation and regional economics in international organisations and think tanks, including the International Labour Organisation, United Nations Industrial Development Organisation, European Commission and Nomisma in Italy.
This lecture was presented by the Development Policy Centre and Crawford graduate course CRW8000, Government, Markets and Global Change at Crawford School of Public Policy, The Australian National University.