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Past U.S. Industrial Policy Offers Lessons, Risks for Chips Program

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wsj.com

Tuesday’s rollout of the federal $53 billion semiconductor subsidy program dubbed Chips marks a historic embrace by the U.S.

of “industrial policy”the explicit use of government resources to foster favored sectors.There is a reason such forays have been rare in Washington.

Governments seldom know better than markets which technologies will succeed, and often burden the effort with objectives having nothing to do with helping the targeted industry thrive.

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