Today, industrial policy’s political purpose is to defuse angry populism that is blamed on “deindustrialization” displacing workers. But declines in the portions of labor forces devoted to manufacturing are normal as nations become richer, regardless of wide variations in nations’ economic policies. And the U.S. government’s would-be industrializers should hope that surly populists, who are eager to cause society’s upper crust to crumble, do not notice how industrial policy makes eager bedfellows of government bureaucrats and corporate elites — for their mutual benefit.
-Don Boudreaux, channeling George Will
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