Last week’s The Economist leader and cover story, “Picking winners, saving losers”,
painted an insidious picture of governments’ increasing intervention in
market economies, arguing that the hideous Leviathan of the state was
gobbling up one sector after another and warning that “picking
industrial winners nearly always fails.” Now, put aside the fact that
the government was forced into some sectors—such as automobiles and
financial services—only after mammoth market failures and pleas for
rescues from capitalism’s chieftains. The more important fact is that
the article feeds a Socialism-is-coming hysteria and ignores how picking
winners—within limits—has worked in the past for the United States (and
Japan, South Korea, etc.) and is needed more than ever to bolster our
long-term competitiveness.
To read the full, original article click on this link: Strategy For American Innovation | Progressive Fix
Author: Stephen Ezell
