English original of column published this week in Japanese by Nikkei Business. Industrial policy is fashionable -- but the realities of public debt make it unlikely to last
Thank you, Bill, for this insight. As I was reading two thoughts came to my mind. The first was how will the war in Ukraine affect Big State projects. The second was the randomness of concentric leadership. What I mean is that when great leadership by chance occurs simultaneously in concert at multiple and different economic poles, investment will take on a more accelerated tempo. Obviously this is what is absent at present. To me, consensus in leadership is fundamental to the success of Big State policy on a global scale.
I agree we need to address climate change and we need public investment to sustain the economy. We knew it for long time and we have been spending lots of public money. The problem is how long it can last. If someone looks at the Japanese government, he or she may think it is a good example of how long it can last far beyond what ordinary citizens would think sustainable. I think it’s just fortunate, not sustainable. I’m sorry that I come to a same conclusion as yours. The next question is what will happen after the Big State era. Climate change will force us to compromise our lifestyles more than we can imagine today and the West will be more vulnerable to the aggression. I’m afraid that’s a mega trend we have to sustain until innovation, evolution or revolution is made by us or a third party.
Thank you, Bill, for this insight. As I was reading two thoughts came to my mind. The first was how will the war in Ukraine affect Big State projects. The second was the randomness of concentric leadership. What I mean is that when great leadership by chance occurs simultaneously in concert at multiple and different economic poles, investment will take on a more accelerated tempo. Obviously this is what is absent at present. To me, consensus in leadership is fundamental to the success of Big State policy on a global scale.
Thank you, Bill.
I agree we need to address climate change and we need public investment to sustain the economy. We knew it for long time and we have been spending lots of public money. The problem is how long it can last. If someone looks at the Japanese government, he or she may think it is a good example of how long it can last far beyond what ordinary citizens would think sustainable. I think it’s just fortunate, not sustainable. I’m sorry that I come to a same conclusion as yours. The next question is what will happen after the Big State era. Climate change will force us to compromise our lifestyles more than we can imagine today and the West will be more vulnerable to the aggression. I’m afraid that’s a mega trend we have to sustain until innovation, evolution or revolution is made by us or a third party.
Best,
Norio