Doing industrial policy is a lot like doing venture capital.It is not simply enough to spend the money. You need to spend it well. And it’s nontrivial to get return on large investments. That’s the problem with Westerners who think just cargo-cult copying the East will work.Because the best capital allocators in the West are in the private sector. Those are the tech founders and VCs. But in the East, some are actually also in the public sector. They have officials who can do math, know engineering, and take ...