Industrial Policy of BRICS Countries as an Instrument of State Capitalism

Abstract

Industrial Policy of BRICS Countries as an Instrument of State CapitalismThe article deals with industrial policy in the BRICS countries, which is an important instrument of their development. First, the importance of industrial policy is stated. There are numerous approaches to it: the extreme ones are the neoliberal approach, advocating no interventions of the state in the market; the other extreme is interventions either directly by subsidies to chosen branches or indirectly by building institutional surroundings which are comfortable for industrial development. The development of theoretical approaches to industrial policy is also discussed: from structuralists to new structuralists, who try to connect a market as the main mechanism with an industrial policy. Industrial policies practised in Brazil, Russia, India, China and South Africa are then described. Some statistical data are given which illustrate the position of the BRICS countries in the present-day world as for their industrial performance. China seems to be the relatively most successful in this respect. Finally, some questions concerning state capitalism and industrial policy are discussed. STATI Ι ARTICLES