Times have changed. Governments will no longer leave innovation and the economy to the market.
President Ronald Reagan joked that the nine most terrifying words in the English language are, “I’m from the Government, and I'm here to help.” In Britain, Margaret Thatcher largely concurred. It signified a summary of what was becoming the dominant political orthodoxy across the West at the time: that government caused more harm than good, getting in the way of entrepreneurs using the market to meet consumer needs.
Such policies are, in my mind, catalytic rather than traditionally interventionist. Catalysts in chemical reactions make those reactions go faster and be more effective. Some catalysts are more actively involved in the reactions than others. And a chemical that catalyzes one reaction may be useless in another. The range of government policies will be similar: They will not seek to replace the role of research or industry in these activities, rather they will seek to support and accelerate them.
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