Abstract This chapter discusses the viability and effectiveness of industrial policies for catching up in relation to state-led management of rents throughout the process of social transformation. A crucial point is that “progressive” rent-management strategies aimed at technology acquisition and economic development are politically constrained by power constellations within society and their relations with the State itself. Essential for the explanation of success and failure of industrial policy strategies in late developers is therefore the compatibility of industrial and technological strategies with the distribution of political power. The chapter discusses a number of policy variants in different Asian countries and in Latin America, explaining how different internal political configurations can account for different outcomes of apparently similar industrial policies both within and between these regions.
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