From semiconductors to electric vehicles, governments are identifying the strategic industries of the future and intervening to support them – abandoning decades of neoliberal orthodoxy in the process. Are industrial policies the key to tackling twenty-first-century economic challenges or a recipe for market distortions and lower efficiency?
MEXICO CITY – US President Barack Obama’s current swing through Latin America will probably be short on substance, long on rhetorical flourishes and symbolism, and may include a few announcements affecting American business in the region. More importantly, he will see real success stories, and how Latin America as a whole has changed.
The main change is that Latin America is splitting in two. Indeed, this might be the last trip that a US president ever makes to “Latin America.” Later visits will be either to South America, or to Mexico and the Caribbean Basin.
Chile’s success is old, if still inspiring, news. More than two decades of democratic rule and economic growth practically ensure that, simply by staying the course, the country will achieve lower-tier developed status by 2020.
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