Democracies Must Get Serious About Industrial Policy by Ngaire Woods
For decades, Western governments have ceded the strategic direction of their economies to the market. To dominate the industries of the future, they must learn from their own history and rebuild the institutions, expertise, and discipline that effective industrial policy demands.
OXFORD—Many democratically elected leaders grew up in a world where they were expected simply to referee markets and trust that their country’s firms would prevail. But countries whose leaders still think this way are now losing ground to those where governments play a more strategic economic role.
