"The consequence of the [global financial] crisis has been the rise of a new round of discussions about industrial policy - a country's strategy to develop specific industrial sectors, traditionally through such support as cheap credit or outright subsidies or through state management of development banks. Such policies were written off as dangerous failures in the 1980s and 1990s for sustaining inefficient insider industries at high fiscal cost. But the crisis and the effective response to it by some countries are likely to bolster the notion that competent technocrats in developing countries are capable of efficiently managing state involvement in the productive sectors. [...] However, this new industrial policy is not about picking winners or bringing about large sectoral shifts in production. It is about addressing coordination problems and other barriers that discourage private investment in new industries and technologies, difficulties that market forces alone are unlikely to overcome. "

 

Nancy Birdsall and Francis Fukuyama, 2011