Milena Lutovac Đaković – Faculty of Economics, University of Belgrade, Kamenicka 6, Belgrade, Serbia

7th International Scientific-Business Conference – LIMEN 2021 – Leadership, Innovation, Management and Economics: Integrated Politics of Research – CONFERENCE PROCEEDINGS, Online/virtual, December 16, 2021, published by the Association of Economists and Managers of the Balkans, Belgrade; Printed by: SKRIPTA International, Belgrade, ISBN 978-86-80194-54-7, ISSN 2683-6149, DOI:

Industrial policy;
Sustainable development;
Economic policy;
European Union



Industrial policy refers to the policy of industrial development, where the term “industry” encompasses the organization and strategic man­agement of human and material resources. The aim of this policy is primarily to stimulate and secure the tracking of structural adjustments and restruc­turing of companies in order to empower them to grasp the changes within the business environment and to face the economic challenges and increased competition on a global scale. Inclusive and sustainable industrial develop­ment means that all parts of society have equal benefits from industrial pro­gress, which, in addition, enables the satisfaction of basic social and human needs. Such industrial development enables a continuous increase in the living standard for all people and new technological solutions for environ­mentally friendly industrialization. Successful implementation of inclusive and sustainable industrial development in the age of globalization requires approaches that use globally available knowledge, technology, innovation and capital. The determination of the Republic of Serbia to join the EU entails the obligation to respect inclusive and sustainable industrial development.

In order to achieve sustainable industrial development in the Republic of Serbia, it is necessary to promote the circular economy and educate business entities. Business entities must be introduced to the importance of more effi­cient use of material resources and possible savings in industrial processes, through the organization of promotional and educational gatherings and the use of services of centers that are active in this sector.

Download file

LIMEN Conference

Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License ( which permits non-commercial use, reproduction and distribution of the work without further permission. 


Aiginger, K, Rodrik, D. (2020). Rebirth of Industrial Policy and an Agenda for the Twenty-First Century. Journal of Industry, Competition and Trade. Springer.

Cimoli, M., G., Dosi, and J. Stiglitz (eds.), (2009). „Industrial Policy and Development: The Political Economy of Capabilities Accumulation”, Oxford: Oxford University Press, pp. 19-39.

COM (2017) 479 final. Komunikacija Komisije europskom parlamentu, vijeću, europskom gosp­odarskom i socijalnom odboru i odboru regija i evropskoj investicionoj banci. Ulaganje u pametnu, inovativnu i održivu industriju. Obnovljena strategija industrijske politike EU. Brisel: Evropska komisija.

Devetaković, S., B. Jovanović Gavrilović, G. Rikalović, (2019). Nacionalna ekonomija. Be­ograd: CID Ekonomski fakultet.

Di Maio, M. (2014). Industrial policy. In: International Development: ideas, experience & pros­pects, Currie, B., Kandur, R., Malone, D. & Medhora, R. (eds.), Oxford: Oxford Scholar­ship Online, University Press Scholarship Online.

Greenwald B., Stiglitz J.E. (2013) Industrial Policies, the Creation of a Learning Society, and Economic Development. In: Stiglitz J.E., Lin J.Y. (eds) The Industrial Policy Revolution I. International Economic Association Series. Palgrave Macmillan, London, pp.43-71.

Hausmann, R., Rodrik, D. (2003), “Economic development as self-discovery”. Journal of De­velopment Economics, 72, Cambridge, MA: Cambridge University Press, pp. 603–633.

Lall, S. (2006). “Industrial Policy in Developing Countries: What Can We Learn from East Asia?,” Chapters, in: Patrizio Bianchi & Sandrine Labory (ed.), International Handbook on Industrial Policy, chapter 4, Edward Elgar Publishing.

Lim, W. (2013). The Chaebol and Industrial Policy in Korea. The Industrial Policy Revolution I, The Role of Government Beyond Ideology, eds. J. Stiglitz and J. Yifu Lin. New York: Palgrave Macmillan.

Lutovac, M. (2020), Nova industrijska politika kao pretpostavka efikasnog razvoja industrije Srbije, doktorska disertacija, Ekonomski fakultet, Beograd.

Mazzucato, M. and Tancioni, M. (2012), “R&D, Patents and Stock Return Volatility”, Journal of Evolutionary Economics, Vol. 22 (4):811-832.

Mazzucato, M., Kattel, R. (2020). Grand Challenges, Industrial Policy, and Public Value. The Oxford Handbook of Industrial Policy. Edited by Arkebe Oqubay, Christopher Cramer, Ha-Joon Chang, and Richard Kozul-Wright.

Republika Srbija (2020). Strategija industrijske politike Republike Srbije od 2021. do 2030. go­dine. Beograd: Republika Srbija

Rodrik D. (2013). Paradoks globalizacije. Beograd: Službeni glasnik

Rodrik, D. (2008). “Normalizing Industrial Policy”, Commission on Growth and Development Working Paper No. 3, Washington DC: World Bank

Savić, Lj. (2017). Ekonomika industrije. Beograd: Centar za izdavačku delatnost Ekonomskog fakulteta u Beogradu.

Savić, Lj., Lutovac, M. (2019). Industrial policy and state incentives in Serbia. Ekonomika pre­duzeća. Beograd: Savez ekonomista Srbije.

United Nations Industrial Development Organization (UNIDO), (2011), Industrial Policy for Prosperity: Reasoning and Approach (Development Policy, Statistics and Research Branch Working Paper 02/2011), Vienna: UNIDO, pp.1-3.

Warwick, K. (2013). “Beyond Industrial Policy: Emerging Issues and New Trends”. OECD Sci­ence, Technology and Industry Policy Papers, No. 2, Paris: OECD Publishing.

World Bank (1993). The East Asian Miracle, Washington DC: The World Bank., accessed on 10.9.2019., accessed on 18.9.2019.

Association of Economists and Managers of the Balkans – UdEkoM Balkan
179 Ustanicka St, 11000 Belgrade, Republic of Serbia

LIMEN conference publications are licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.