Governments occasionally pick winners that actually win. But the overall history of industrial policies is dismal for reasons well understood by economists (including Larry Summers and Robert Zoelleck). After government driven rapid growth in Japan in the 1960s, Japan has hardly grown at all over the past three decades. China’s growth over the past thirty years has been spectacular. But, though China spent heavily on infrastructure, most of its growth was private sector driven. China may well have reached the peak of its growth roll coaster. Tragically the Biden Administration is following this failed central planning path with its own industrial policies. God help us. Warren Coats 1211 S Eads St. #2101 Arlington VA 22202 Mobile 703 608-2975 http://wcoats.blog/ http://works.bepress.com/warren_coats/ https://twitter.com/wcoats2
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