Governments are experimenting with industrial policy but tariffs are staying low
Is the market economy and open trade in global retreat? That depends where you look. If you look at the surge in government subsidies, regulations and other industrial policy interventions in recent years, you’ll definitely think so. If you observe the political toxicity of trade and trade agreements in the US, you’ll be confirmed in your gloom .
Most governments seem to be adopting a rough counterpart to the growth model followed by the successful east Asian tiger economies from the 1960s onwards. Certainly, they subsidised and regulated, sometimes with favouritism that often slid into crony capitalism and sometimes with targeted import restrictions. But in general they remained open to trade and at the least keen on exports, and thus subjected their companies to bracing competition.
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