Global recession wave has set in motion fundamental questions of development and growth, has made criticism of 'market fundamentalism' topical, investigated thoroughly the transformation growth model of transition economy, has stressed the importance of culture and tradition ('today's capitalism destroys tradition') and again has affirmed social democratic principles: economy has to serve people, and not the other way round, people should come into focus, not goods. The reflection of transitional capitalism in the whole of SEE can be summarized in one sentence: 'indebted economy', economy which will be a burden to future generation is short - lived, the growth hasn't resulted in development. The transional and recessionary consequences have had the biggest impact on industrial systems. The foundations of global development architecture in next decades will be based in investments in new technology, innovation and human capital. Due to increasing industrial lagging behind, EU pays most attention to industrial policy (EU-2020). Besides macroeconomic transitional cross- cutting of the Serbian industry, the paper has focus one new model of industrial growth and elements of new Industrial Serbian Policy. Industrial Policy has to focus on the process of consistent implementation of structural reforms in order to create new competitive sustainable industrial structure.