Industrial policy is back as a powerful motivator for government intervention. This is true in many parts of the world. It appears to be truer for Xi Jinping’s China than it was under Deng Xiaoping, especially now that it wishes to replace investment in property as its engine of economic growth. But the most striking shift is in the US. Ronald Reagan declared that “The nine most terrifying words in the English language are: I’m from the government, and I’m here to help.” Today, the Biden administration is “helping” enthusiastically. Donald Trump, too, is an interventionist, the difference being that his way of helping is to raise tariffs. Given its historic role as proponent of the open world economy, this shift matters.
產業政策又重新成爲政府幹預的強大驅動力。這一論斷適用於世界上許多地方。這一論斷對習近平領導下的中國似乎比對鄧小平時期的中國更成立，尤其是現在中國希望尋找能夠替代房地產投資的經濟成長引擎。但最顯著的轉變發生在美國。隆納•雷根(Ronald Reagan)曾宣稱：「英語中最可怕的幾個字是：我是政府的，我來幫忙了。」如今，拜登政府正在熱情地「幫忙」。唐納•川普(Donald Trump)也是一位干預主義者，而不同之處在於，他「幫忙」的方式是提高關稅。鑑於美國作爲開放型世界經濟支持者的歷史角色，這一轉變意義重大。