The Return of Industrial Strategy
Industrial policy was dismissed out of hand in the go-go 1980s, owing to their perceived role in the previous decade's stagnation. But now they are being embraced once more in advanced economies, not least because, if done right, they may be able to stem working-class voters' defection to populist parties.
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LONDON – Industrial policy is making a comeback in many advanced economies. Dismissed out of hand in the go-go 1980s as a contributor to the previous decade’s stagnation, it is increasingly viewed as a means to stem working-class voters’ defection to right-wing populist parties. But developing a modern and effective industrial strategy will be no easy feat.