Will industrial policy fail India again?

Seven lessons from East Asia's industrialisation

Industrial policy is, tragically, back in fashion. Governments across the world are convinced that they can successfully steer their economies through subsidies, regulations, and tariffs towards a greener, more resilient, and more industrial future. This is being sold essentially as a response to the “failures” of the past two decades of globalisation — in which manufacturing jobs have left certain areas of the developed world, in exchange for merely vastly increased purchasing power for all sections of Western society and an enormous reduction in poverty across the developing world. This is seen as an unfair exchange.

Some developing countries with