Fundamentos económicos para una política industrial

It is a well known fact that the studies available which analyze Industrial Policy from the point of view of economic analysis are still confined to a series of very limited aspects. This article tries to examine the arguments of economic rationaiity which, in an attempt to maximise the countrys economic wellfare, should be present in the current debate on industrial policy regarding Adjustment, Promotion, Competition and R$D The final recommendation is that it should be market indicators which direct a countrys industrial development, and that, in this context, Industrial Policy should be limited to reinforcing market mechanisms and ensuring that, in the long term, an optimum economic structure is achieved. Depending on the market, this structure should enable levels of economic wellfare similar to those of the most advanced countries to be sustained.