The Importance of Free Markets

The new US industrial policy has been done on a much larger scale today than ever in the past. This approach aims to create globally competitive companies ensuring economic growth and security. While this has been successful in some cases, it remains controversial as government bureaucrats picking winners and losers often leads to market distortions or inefficient allocation of resources. The question we have to ask ourselves is whether it's reasonable to believe that people in government have the necessary skills and wisdom to pick the right sectors to focus on. When you centralise decision making, you lose individual initiative. Would government decision makers do a better job than individuals in deciding how to allocate money?