One attempt by the Centre for Strategic and International Studies, a think-tank, estimated that China spent over 1.7% of GDP on industrial policy in 2017-19, which would add up to over $3trn in today’s dollars if sustained for a decade. That money could have been spent on other things, such as health care, which might have better served the public: fewer EVs, more ICUs.
Ohh! Now do the US, but military spending over a decade instead of industrial policy!
“They basically think that rich countries are those that make stuff and the richest countries are those that make the most advanced stuff,” says Gerard DiPippo of the RAND Corporation, a think-tank. Although in many ways China’s big bet on industrial policy has paid off, there have also been large downsides. Just as Voldemort twisted the behaviour of the people he possessed, the policy that must not be named has skewed the evolution of the economy it inhabited.
Braindead RAND guy, large downsides must just be that this author keeps calling them Voldemort.
Ohh! Now do the US, but military spending over a decade instead of industrial policy!
Braindead RAND guy, large downsides must just be that this author keeps calling them Voldemort.
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