Two main reasons. It requires taking a lot of freedom / agency away from individuals, and redirecting much of the profits of successful enterprises to subsidies (and suppressing individual consumption and standard of living).
America does that for aerospace & some defense stuff. But the reason not to is that the industrial policy needed to do it like China does has the effect of reduced wages, longer work hours, and lower quality of life.
Two main reasons. It requires taking a lot of freedom / agency away from individuals, and redirecting much of the profits of successful enterprises to subsidies (and suppressing individual consumption and standard of living).
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Median PPP adjusted income and disposable income tells a very different story.
America does that for aerospace & some defense stuff. But the reason not to is that the industrial policy needed to do it like China does has the effect of reduced wages, longer work hours, and lower quality of life.