The Trouble with Industrial Policy

Samuel Gregg writes about issues with government intervention in markets, notably that the ideas sound nice but in implementation are not so. Perhaps one of the best ways he points this out is that industrial policies (i.e., the government passing policies meant to bolster the economic sector) ultimately support specific businesses, and therefore abusive cronyism, rather than the economic sector as a whole. In some sense, he may be attempting to substantiate the argument that government intervention ultimately does not understand how capitalism is supposed work.