INDUSTRIAL POLICY: PROS AND CONS. A LITERATURE REVIEW

The discussion amongst economy professionals and academics about the necessity and possible best solution of an industrial policy and state intervention concept regained its importance over the last year. Usually the debate is about comparing several development stages in industrial policy thinking: e. g. modern industrial policy versus industrial policy of the 20th century or industrial policy of the East-Asia countries. This literature review undertakes analysis of industrial policy concepts focusing on discussions about development of thinking and about the pros and cons of industrial policy. The aim of the study is to restart a discussion amongst economy professionals and academics in Latvia about necessity of having an industrial policy in Latvia, and possible benefits or disadvantages of this economic concept.