Geopolitics is changing the global economic policy landscape. Today’s backdrop of strategic competition and conflict has seen the return of industrial policy in advanced countries, driven by a security-based logic mixed with a second-best approach to the energy transition without a price on carbon. There has been an explosion of trade interventions, industrial policies and subsidies, exacerbating the threat to the world economy posed by the widespread derogation from the global trade rules.
https://eastasiaforum.org/2023/11/05/import-substituting-industrial-policy-threatens-india-and-indonesias-development-success/
