>Consistent, long term industrial policy is very effective.
Which worked so well for Japan that you had Nobel economic laureates promoting it. </s>
I'm being a bit sarcastic of course but MITA was seen as such the future in Japan--until it wasn't.
Which worked so well for Japan that you had Nobel economic laureates promoting it. </s>
I'm being a bit sarcastic of course but MITA was seen as such the future in Japan--until it wasn't.
Anyway, it was wildly successful in Japan, Germany, and the US. Up until the time it stopped working. It has been arguably less successful in China, but still good enough to create massive change.
It's not very clear (at least to me) how and why. But it never seems to be a positive thing after some point, instead, it seems to have very negative impacts on more developed countries.
It's good at the initial stages and unproductive later on. The problem is that when you need to remove it is also when its recipients are most powerful.