News Snapshot:
A few months back, the Financial Times of London carried an interesting headline titled “US–China rivalry drives the retreat of market economics: Industrial policy is back in fashion as geopolitical tensions increase.” But unfortunately, this is an old story. Rehabilitation of industrial policy, which began after the global financial crisis (GFC), is now almost complete. In fact, the World Investment Report 2018 noted that as many as 101 economies, which account for 90% of the global gross domestic product (GDP), have formally adopted industrial policies after the GFC. Most of these countries mainly use incentives and performance requirements as tools...
