We discuss the considerable literature that has developed in recent years providing rigorous evidence on how industrial policies work. This literature is a significant improvement over the earlier genera􀆟on of empirical work, which was largely correla􀆟onal and marred by interpreta􀆟onal problems. On the whole, the recent crop of papers offers a more posi􀆟ve take on industrial policy. We review the standard ra􀆟onales and cri􀆟ques of industrial policy and provide a broad overview of new empirical approaches to measurement. We discuss how the recent literature, paying close aten􀆟on to measurement, causal inference, and economic structure, is offering a nuanced and contextual understanding of the effects of industrial policy. We re-evaluate the East Asian experience with industrial policy in light of recent results. Finally, we conclude by reviewing how industrial policy is being reshaped by a new understanding of governance, a richer set of policy instruments beyond subsidies, and the reality of deindustrializon.