Keywords: Industrial Policy; Korea; Industrial Development; Manufacturing; Government Failures.
In recent years, the political and academic debate on the role of government in the economy has been re-launched in many industrialized and emerging economies, in an attempt to address the issues raised by the crisis. This paper continues to reflect on the efficiency and effectiveness of industrial policies focusing on the particular experience of South Korea. The analysis of the Korean notable industrial development and of the latest interventions of the government in the economy, is proposed as an important step to understand contemporary industrial policy. In particular, the aim of the work is to highlight the peculiarities of the Korean industrial policy, trying to identify which elements can contribute to mitigate government failures and to enhance the effectiveness of industrial policies.