The objective of this paper is to enter deeper in the discussion about the unavoidable way Brazil has to go through in order to construct a modern industrial and technological policy, on the basis of the knowledge and the technological innovation, which will work as a stimulator of the economic development. The different theories about this subject (SCHUMPETER, 1961; PAVITT, 1998; FREEMAN, 1984; KRUGMAN, 1986; COUTINHO, 1990), so as the principles set by the Brazilian Development Ministry (“Diretrizes de Política Industrial, Tecnológica e de Comércio Exterior”), give the support in the search to define a new model of industrial, technological policy and foreign trade for the country. The strategic role of industrial policy seems to be very evident, if it assumes its co-ordination’s work involving those productive agents, which are responsible for crucial decisions, such as these relate with investments and/or innovation, in a context of great incertitude about the consequences of their decisions in the future. Finally, the conclusion arising from this discussion demonstrates that it is crucial for the country to define a modern industrial policy, which could be able to integrate the incentive to the innovation as well as to the exports, in order to serve as a tool to impulse the development. The paper argues also, that the feasibility to this policy depends on the ability of the Government to supply the agents with a favorable context, so as an adequate regulation, purchasing policy, availability on financing facilities and fiscal incentives.