the.com/industrial policy
government picking industrial winners before the market bothers to.
means deliberate state action, subsidies, tariffs, or targeted investment, to grow specific industries a country wants to dominate.
from the term traces to postwar japan, where meti (the trade ministry) steered capital and protection toward steel, cars, and electronics rather than letting markets decide, and the results were hard to argue with.
cold war rootsamerica ran one too, it called it defense spending
free market tabooeconomists shunned the term for decades as heresy
comeback tourchips act and ira revived it in the us
south korea casechaebols were built on state-directed credit, not luck
for instance
japan meti — guided toyota, sony, and steel giants through the 1960s-80s
chips act — usd 52 billion to rebuild american semiconductor manufacturing, 2022
china made 2025 — state plan to dominate robotics, ev, and ai by 2025
korea's chaebols — samsung and hyundai grew on directed state loans since 1960s