5min chapter

Foreign Policy Live cover image

Larry Summers on China, Russia, and the Global Economy

Foreign Policy Live

CHAPTER

The Importance of Industrial Policy

Brad Smith: Industrial policy as practiced is self-defeating. It'll harm innovation, it won't create jobs and it'll foster corruption. He says the best industrial policy advocates are ones who hate interfering with markets but know that it's sometimes necessary. "We have been way insensitive to the various political economy issues associated with industrial policy"

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