Quotation of the Day…

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… is from pages 111-112 of an advance copy of Samuel Gregg’s excellent and important forthcoming book, The Next American Economy: Nation, State, and Markets in an Uncertain World (footnote deleted; link added):

How much of [China’s] economic development can be attributed to industrial policy? [Barry] Naughton poses precisely that question in his book The Rise of China’s Industrial Policy, 1978-2020. “The answer,” he states, “is simple: none.” Industrial policy is far more a feature of post-2008 financial crisis China than the China which engaged in cautious and selective liberalizations until 2007.