The resurgence of industrial policies in the age of advanced manufacturing: an international comparison of industrial policy documents

This paper analyses recent industrial policy plans made by five leading countries: China,
Germany, Japan, United Kingdom and United States. This is done through the analysis
of policy documents, using an original framework. Our analysis reveals that these policies
have two main motivations. First, the acknowledgement of new technological opportunities and challenges, that allow not only for higher growth rates and competitiveness, but also
for addressing ‘societal challenges’ (persistent socio-environmental problems). Second, the
growing understanding that, because of the increasing complexity of innovation, private
sector efforts alone are not enough, and a higher level of convergence between actors and
institutions is needed. We also identify that the policy structures and proposed instruments
of these strategies are quite conventional, which contrasts with the rhetoric of these policies.
This reveals that the ‘resurgence’ of industrial policies is yet not a return to the ‘old’ policies
of the twentieth century, but a new breed, which is much more cautious of interfering with
market mechanisms.