with several internal dilemmas. One such dilemma is the problem of reconciling the need for drastic austerity measures in the economy with the need to carry out major adjustments of the structure of the manufacturing sector. A second dilemma is the choice of the pace and level of restructuring of industry in a socially and politically sensitive period, plagued with high unemployment, declining incomes, etc. The third dilemma concerns the participation in the international technology race in terms of selectivity of technological efforts in specific areas and in terms of assessing and counter-balancing the effects of the application of new labour-saving production processes. A fourth dilemma concerns the degree of international versus national integration of industries, i.e. choosing between the internationalization · of a few core industries with export-orientation and frequently high import content of production on the one hand, and greater utilization of domestic industrial and industry-agricultural linkages and establishing industries as vehicles for broad industrial and economic development on the other. Fifth, in formulating industrial strategies and policies for industrial restructuring, Governments obviously cannot confine the choice to simplistic pairs of alternative sets of policies such as measures for import substitution large-scale export promotion; market inducement small-scale industry; high-technology direct government intervention; intermediate technology; and labour-intensive capital-intensive industrialization. The complexity of industrial · 1 f 11 th 11.·cy types 1.·n the formulation of a stable restructuring requ1.res e ements o a ese po framework for company decision-making. ID/B/339 Page 16 45. The creation of a dynamic industry presupposes that both Governments and companies have a long-term vision of development prospects and a built-in capability to respond to changing parameters and to seize emerging opportunities. The key issue in this respect remains the elaboration of a policy framework which allows companies to operate efficiently according to market forces and in line with Government perceptions of long-term strategic options and 
**Analysis**
The text discusses various internal dilemmas and complexities faced by governments in formulating industrial strategies and policies for industrial restructuring. It highlights the need to balance austerity measures with structural adjustments, navigate socially and politically sensitive periods, and make decisions on international technology race, industry integration, and policy frameworks. The text emphasizes the importance of long-term vision and capability to respond to changing parameters and seize emerging opportunities.

**Category**
Industry, Economic development