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?
PRINCETON – Margaret Thatcher was much more respected outside Britain than she was in her own country. In the United States, but also in Central Europe, she is recognized as a hero, especially in the fight for economic and political freedom.
That vision of freedom and dynamism was never really all that popular – or understood – by the British people. In the end, Thatcher’s achievement was also distorted by her own mistakes in dealing with the complex politics of a Europe that was rapidly changing in the aftermath of the collapse of communism.
As Prime Minister, she was widely disliked in Britain, mostly for bad reasons. Throughout her political life, she fought a two-front battle: against socialism, but also against the Establishment. Sometimes the two theaters seemed to merge.
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