1. @JoeBiden just proposed “industrial policy” (using govt intervention to achieve industrialization), which used to be a dirty word among free-market economists. No question, capitalism is the greatest wealth creator the world has seen, but govt’s hand must still be at the wheel
2.But the emphasis is on COMPETENT government. And, the government can’t replace the market place. There is a difference between a competent state, either guiding a market economy, and/or in the form of a developmental state, on one hand, and economic populism on the other! #Ends
One last point(!)In Nigeria we’ve had govts that abandoned economic policy and direction to self-seeking “entrepreneurs” and “private sector”, on one hand, & those that think govts should control everything, creating black markets. Both lead to wealth for a few, poverty for many!
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