THEY are grand policies with innocuous names. In Europe, the prime examples are the European Green Deal, Horizon 2020, and the Strategic Forum for Important Projects of Common European Interests. The US versions are the CHIPS and Science Act, the Inflation Reduction Act, and the Infrastructure and Industrial Jobs Act. China has Made in China 2025 and several other similar programs.

Scrap the veneer of seeming innocuousness and probe deep into the programs that emerged from these policies, and you will find out what they really are. They are the industrial policies that many of the economically powerful countries have designed in the wake of the geoeconomic fragmentation to protect and promote their own niche industries. Employing tools that remind the world of the dreaded word "protectionism." Tools such as production subsidies, tariffs, tax incentives, loans, and domestic content rules were last deployed in a bygone era. In many ways, these industrial policies are a rebuke of the grand tenets of globalization, which, ironically, these major economic powers themselves foisted on the world, starting with the General Agreements on Tariff and Trade ( GATT).

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