this post was submitted on 27 Jun 2026
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The World Bank had a 1993 report that basically concluded government industrial policy was to be avoided if the goal was to grow wealth broadly. This guided (or was representative of the views of people in power) decisions on international aid and other conditional support to developing countries for decades.
Leaving development of industry and technology deployment entirely to the private market economy didn't work. Countries with the highest average standards of living, or the most improvements in standard of living, have had significant government guidance of the major industries in their economy. Only this year has the World Bank issued a new report acknowledging this: https://www.bu.edu/gdp/2026/04/24/from-paradigm-maintenance-to-paradigm-shift-a-mood-change-on-industrial-policy/