This book is about choice. Its main argument is that, contrary to popular belief, intensified globalization gives emerging economies a larger number of economic development alternatives than they have had since World War II. This is especially true in the case of rapid innovation-based industries. This does not mean that emerging economies have an easier task of development, or that success, if and when achieved, is without cost. The options facing states today are real, and each choice has consequences, negative as well as positive. It is true that old methods of industrialization no longer work. However, this means only that the role of the state in economic development has changed, not that its power has diminished. Breznitz offers a new way of thinking about state-led rapid innovation-based industrial development that takes into account the ways production and innovation are now conducted globally. And he offers specific guidelines to help states make advantageous decisions about research and development, relationships with foreign firms and investors, and other critical issues.