Should the US and Europe Really Be Imitating China's Top-Down Authoritarian Approach?

Intel, TSMC and Samsung had all announced investments in US facilities worth almost $70 billion so more than the CHIPS Act. The Chinese approach where the government decides which sectors receive investment has led to all sorts of market distortions in China. This is a big part of their malinvestment problem. We've seen Xi's policies wipe two trillion dollars off the value of Chinese tech stocks in the last few years.