Economists now openly debate industrial policy and selection of winners and losers, marking a shift from earlier globalization consensus.
The Shift in Economic Consensus
Even during the peak of globalization, economists disagreed on certain points but rarely challenged fundamental dogmas. There were fewer controversies on core economic issues compared to today’s climate.
Industrial Policy Enters Mainstream
Previously absent from mainstream economic discussions, industrial policy is now a central topic. The current debate openly addresses to what extent we should select winners and allow losers to fall by the wayside.