Development economists have argued that large-scale industrial policy is the best remedy to correct the “coordination failure” they claim prevents market economies from making the complementary investments needed to lift poor countries out of poverty. At the root of their argument is a misunderstanding of the entrepreneur’s role in fostering economic growth.

Bogdan Glăvan is associate professor of economics at the Romanian American University in Bucharest.
Business and EntrepreneurshipEconomic PolicyEconomistsEconomyFree Market EconomicsPhilosophy and ReligionPublic Choice
Other Independent Review articles by Bogdan Glăvan
Winter 2012/13 We Are Not Macroprudentialists: A Skeptical View of Prudential Regulation to Deal with Systemic Externalities