Industrial policy is failing, and not just in Washington. Across America, officials promise to engineer the right economic outcomes by intervening in the market in just the right ways. Most people know that under Presidents Joe Biden and Donald Trump, the idea has exploded. Less appreciated is how enthusiastically governors and state legislators are embracing their own versions.
They repeat the same claims: With the right mix of subsidies, protection, and political direction, one government or another can revive strategic industries and deliver durable economic strength. The results tell a different story.
