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Updated: Industrial policy—hands-on economics

The Coalition began to rethink Thatcherite orthodoxies on industrial policy. Theresa May's government has a chance to go much further—which it must seize

By David Willetts   October 2016

©PATRIC SANDRI/ REX SHUTTERSTOCK

Read more: A real industrial revolution

Update, 23/01/17: Governments of all colours try to boost the performance of the economy using “horizontal” measures operating across the whole economy—reforming taxes or raising educational standards. But when it comes to serious Industrial Strategy, governments have to focus on “vertical” measures that get down into the substance of particular places and technologies. That is what the UK government’s new Industrial Strategy Green Paper does—so it passes the crucial test of being serious and credible. It is not…

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