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The new industrial policy: A chance for the BRICS countries
This paper is aimed at investigating the ways of overcoming imbalances concerning competition
and industrial policies. The central principles of combining industrial and competition policies
have been formulated on the basis of a discussion of challenges and opportunities for interaction
in the field of industrial and competition policies in developing countries in general and BRICS
in particular. When setting priorities, it is essential to pay attention to those sectors that demand
highly qualified resources and that are characterized by relatively strong competition; industrial
policy design should be more competition- and innovation-friendly, which, in its turn, means
orientation at supporting companies on an equal basis instead of favoring one specific company;
industrial policy should be based on a pragmatic approach that involves a cost-benefit analysis of
providing assistance to a particular sector.