The chief problem with industrial policy, as I noted in my last post, is less economic than political: with the government handing out investment money, there is a big danger that it will be allocated not on the basis of likely economic returns, but as a form of patronage by politicians.
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Building Infrastructure the American Way
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The chief problem with industrial policy, as I noted in my last post, is less economic than political: with the government handing out investment money, there is a big danger that it will be allocated not on the basis of likely economic returns, but as a form of patronage by politicians.