Former FT chief EEC correspondent, world trade editor and Asia commentator. Now senior fellow at Ecipe and associate at LSE IDEAS. Co-founder, UK Trade Forum.
@DavidGHFrost That’s what can happen once “we take back control”. That’s what you fought for and insist is right for Britain. So why are you complaining about it now?
@michaelxpettis 8. government back in 1946 mainly to support smaller companies and metamorphosed into 3i Group. The latter, though, is no longer state-owned and operates in continental Europe and North America as well as in the UK.
@michaelxpettis 7. and rising trade barriers make such strategies untenable as well as aggravating global excess capacity. Finally, I couldn't read the WSJ article you posted on the French bank. However, from its website, it sounds rather similar to Britain's ICFC, which was established by the
@michaelxpettis 1. A problem with discussions about industrial policy is that it is a portmanteau term that covers all manner of things. I would argue that every country has an industrial policy, determined by its choice of fiscal policy, regional and education policy, regulatory systems,
@michaelxpettis 3. Conditions have changed insofar as China has supplanted Japan as the (far bigger) competitive threat. But that doesn’t make industrial intervenrionism based on state subsidies, preferential procurement and trade protection any more likely to succeed than in the past.
@michaelxpettis 2. government and ended up running up vast debts that helped precipitate the country’s 1998 economic crisis. There is no comparison with the mature economies in democracies faced with manufacturing decline or lagging tech industries. That’s a completely different ballgame.
@michaelxpettis a very large domestic market that provides scale economies and, unlike France, is not subject to EU rules limiting state aids to industry. What makes conditions today any more favourable to national champion policies than they were when tried in the past?
@michaelxpettis And very different countries with totally different political and economic systems. One a fairly open capitalist democracy with, at present, a very weak government and stretched public finances; the other a one-party autocracy with massive control over the economy. China also has
@GoodwinMJ So much for the claim that the rioters represent or reflect the views of millions of decent, hardworking, patriotic British people. https://t.co/qf2ncsNNgt
@sundersays This YouGov poll rather punctures Matthew Goodwin’s - totally unevidenced - claim that the rioters, or even the peaceful protesters, represent the views of “ordinary British people”. What does he base his arguments on?https://t.co/qf2ncsNNgt