Dhaka, Nov. 5 -- Industrial policy has re-emerged as an area of policy discussion in the light of recent trends and development in the global economy. Newly emerging patterns of trade and global value chains and marketing networks have profoundly changed the global economic environment. Now the US led economic sanctions on Russia have created new turmoil in the global economy and more broad based global economic integration has widened the avenues through which these sanctions spill over to non-targeted countries such as a developing countries like Bangladesh.

In the Global South there has also been a push back against the neo-liberal orthodoxy or more popularly termed as market fundamentalism closely linked with the Washington Consensus...