The most pressing concern at the moment is that you want to be more independent of geopolitical rivals, especially on goods such as advanced technology or critical raw materials. Politicians instead want to subsidize the green stuff, ideally on things that are made at home so citizens feel a wider economic benefit. The third is jobs, right? The good old manufacturing jobs that were lost over time, and politicians hope to bring some of them back through these subsidies. And finally, there are examples where industrial policy has helped to boost growth and innovation towards the end of the 20th century.
The industrial arms race is on. For many political reasons, countries with the means are throwing billions of dollars into local industries. But when will leaders realise that it might harm their economies? Japan’s refugee policy was already stringent, but now the country is cracking down on asylum seekers even more (10:26). And, how Oppenheimer has reignited Los Alamos's tourist appeal (18:22).
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