Carney's Industrial Policy Vision Sparks Debate in Asia

Last autumn, Canadian Prime Minister Mark Carney delivered a notable speech on industrial revival and national economic security. An economist by training, Carney emphasized the importance of industrial policy in preserving Canada's economic momentum and national interest.

During his tour across Asia, the author had the opportunity to engage with experts on industrial policy at various institutions. Nobel Prize-winning economist Joseph Stiglitz and Professor Ha-Joon Chang highlighted the need for a more nuanced approach to trade theory, which fails to account for strategic learning by nations and structural imbalances in the world economy.

The author notes that while countries such as Türkiye and Thailand have managed to become richer despite corruption, the Philippines has struggled with poverty and corruption. The author argues that the country needs to break out of networks of patronage politics and move towards a better equilibrium of national development through good economic policies.