From Washington to Beijing, governments are rediscovering industrial policy. But no matter how much a nation subsidizes, plans, or protects, its success still depends on the same forces that have governed markets for centuries: supply, demand, and competition.
Industrial policy can shape who steps into the ring, but once there, the fight is market-driven.
This reality has an unavoidable implication for national policy: no nation can thrive in a market it refuses to emulate; beyond its borders, there is no government setting prices or protecting favorites, only market forces that reward true efficiency.
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