Industrial Policy’s Deceptive New Clothes
If the new "industrial strategy" is offering ideas for better public governance, it is useful. But it becomes positively dangerous when it turns to the private sector, where state interventions inevitably undermine competition, disrupt price signals, and dampen the motivation to innovate.
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CHICAGO – Despite all the white elephants that dot today’s world as a reminder of industrial policy’s past failures, governments are again pursuing subsidies, regulation, and protectionism to ensure that their economies’ commanding heights are occupied by domestic firms creating domestic jobs.