Picking winners
Picking winners: the occasional inclination of governments to identify some industrial activities as having particular promise for the future, and to institute support frameworks to promote the development of these industries. High-technology industries are especially favoured. Successes globally have been at least balanced by failures, and in most cases industries so picked have performed no better than the average of industries or firms not favoured by special attention. It is worth recalling, too, Adam Smith's admonition that "[i]t is thus that every system which endeavours, either by extraordinary encouragements to draw towards a particular species of industry a greater share of the capital of the society than what would naturally go to it, or, by extraordinary restraints, force from a particular species of industry some share of the capital which would otherwise be employed in it, is really subversive of the great purpose which it means to promote. It retards, instead of accelerating, the progress of the society towards real wealth and greatness, and diminishes, instead of increasing, the real value of the annual produce of its land and labour." See also national champions and strategic trade theory.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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