New combinations: Have policymakers learned from past mistakes?

Industrial policy has traditionally been subject to trends.In trying to go along with new developments, governments in western countries have pursued a variety of industrial policies over the post-war period.To a large extent, shifts in policy orientations may be related to the increasing competition in the world economy that was deemed to threaten national industries.However, policy failures have also forced authorities to change their industrial policies.What lessons can policy makers in the 'new economy' draw from former industrial policy experiences?And what should be done to prevent them from falling into the same traps?139 New combinations Have policymakers learned from past mistakes?