Gillian Tett notes “an important difference between policies that try to create growth by shielding domestic companies from foreign competition and those which help those companies compete more effectively on the world stage” (“How to tell good industrial policy from bad”, Opinion, May 3).
The implication is that industrial policies characterised by market protection — import substitution — are bad, while those promoting export competitiveness — export-oriented policies — are good.
Tett illustrates this difference through “the contrasting fortunes of Malaysian automaker…