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What happens when developing countries can no longer grow by simply exploiting their existing comparative advantages in natural resources or cheap labor? When entering the 21st century Thailand was confronted with that question, but in comparison with other East Asian countries it was also a laggard in relation to industrial technology development. Prime Minister Thaksin Shinawatra placed industrial upgrading high on the policy agenda. This article combines a policy cycle analysis with a political analysis. It examines the ability and willingness of the Thaksin government to design and implement an adequate and coherent set of industrial upgrading policies with a particular emphasis on implementation issues. It is argued that although many initiatives were taken during the Thaksin era, they did not add up to an adequate and coherent set of industrial upgrading policies. This was partly due to institutional legacies in the bureaucratic system but mainly a result of the logic of politics, including the nature of political coalition-building.

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After having been put aside for three decades, industrial policy has reappeared in the research and policy debate on economic development in the Global South. However, it has also been argued that fragmented and decentralized value chains have foreclosed the traditional role of industrial policy. The article reviews three strands of thinking, exploring to what extent and how one can align the call for new industrial policy with the expansion of global value chains? It shows how the research agenda can be moved forward by realigning contributions from global value chain scholarship with researchers who take their point of departure concerning new industrial policy in structural transformation, technological capability and innovation system thinking.