Industrial policy is a government policy that aims to promote economic growth and development by intervening in specific industries.

Price controls are not a common tool of industrial policy because they can lead to inefficiencies and shortages.

The main argument in favor of industrial policy is that it can help to promote economic growth and development by targeting specific industries that have the potential to generate high returns.

The main arguments against industrial policy are that it can lead to inefficiencies and distortions in the market, stifle innovation and entrepreneurship, and lead to corruption and cronyism.

All of the above countries have successfully implemented industrial policy to promote economic growth and development.

All of the above challenges are facing industrial policy today.

Industrial policy is likely to remain a controversial topic with no clear consensus on its effectiveness.

Governments often target a wide range of industries with industrial policy, including manufacturing, agriculture, energy, and transportation.

Governments use a variety of tools to implement industrial policy, including subsidies, tariffs, quotas, and government procurement.

Industrial policy can potentially lead to a number of benefits, including increased economic growth, job creation, improved competitiveness, and technological innovation.

Industrial policy can also lead to a number of risks, including inefficiency, corruption, cronyism, and reduced consumer choice.

Industrial policy faces a number of challenges in the 21st century, including globalization, technological change, and climate change.

Governments can design and implement industrial policies that are effective and minimize the risks by careful planning and design, transparency and accountability, and regular evaluation and adjustment.

International cooperation can play a role in industrial policy by avoiding trade disputes, promoting coordination and coherence, and sharing best practices and lessons learned.

Industrial policy is likely to remain a controversial topic with no clear consensus on its effectiveness in the global economy.