Success in development over the past half-century was based on manufacturing-led export growth. Because the share of global employment in manufacturing will decline, manufacturing won't play the same role in the coming decades. An increase in manufacturing employment won't suffice to meet the...

One lesson of the Great Recession has been that countries with higher shares of industry in their GDP seemed to be less affected by the crisis. Consequently, the call for an industrial renaissance has become stronger. Industrial policy has now become a top priority in countries where it was not...