"The World Bank's recent report argues that government intervention, when done right, can actually be an essential ingredient of economic success, reversing decades of opposition to industrial policy."
"Jake Sullivan remarked on the significance of the World Bank's admission, stating that it challenges long-held beliefs about what drives prosperity in nations."
"The transformation of the Four Asian Tigers from poor economies to industrial powerhouses serves as a historical example supporting the effectiveness of industrial policy."
The World Bank has shifted its position on industrial policy, previously opposing government intervention in economies. A recent report suggests that such intervention can be crucial for economic success. This change marks a significant departure from the long-held belief in free markets as the sole path to prosperity. The report emphasizes that industrial policy should be included in the national policy toolkit of all countries. Historical examples, such as the rapid growth of the Four Asian Tigers, support this new perspective on economic development.
Read at The Atlantic
Unable to calculate read time
Collection
[
|
...
]