This article examines some theoretical approaches in support of industrial policy in Brazil, with special emphasis on the neo-Schumpeterian/evolutionary approach. This approach is applied to the analysis of some satisfactory experiences in the field of industrial policy and economic development in Brazil up to the end of the 1970s, and some unsuccessful attempts in this field from the 1980s on. Lastly, it evaluates the industrial policy applied by the government in the 2003- 2006 period, noting that, in spite of some positive aspects -the emphasis on innovation, clear goals and a new institutional organization- that policy has some weak points, such as its incompatibility with macroeconomic policy, lack of coherence between economic instruments, shortcomings in infrastructure and in the science, technology and innovation system, and lack of coordination and political will.