Et Tu, World Bank? Industrial Policy on the International Scene

The World Bank recently published a 276-page report supporting the idea that industrial policy belongs “in the national policy toolkit of all countries.” This is a significant reversal for an institution that spent decades pushing developing nations toward fiscal discipline, open trade and market liberalization. When the World Bank seems more interested in engaging with right- and left-wing populism than in promoting good economics, it tells you a lot about the era in which we live.
Industrial policy refers to government officials channeling resources to particular industries that the market…
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