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Objectives .................................................................................................................. 1

Why the government needs an industrial strategy...................................................... 2

How should government intervene? Eight lessons from the past ............................... 2

Well-being – the evidence .......................................................................................... 9

Sustainability ........................................................................................................... 11

Social justice ............................................................................................................ 12

The implications for policy – ten objectives .............................................................. 13

Successful industrial policy ...................................................................................... 18

Debunking some myths about post-war economic history ........................................ 19

But does it work in theory? ....................................................................................... 21

Dealing with the objections ...................................................................................... 22

UK car manufacture versus aerospace .................................................................... 24

UK and French pharmaceuticals .............................................................................. 25

Asian industrial production: investment and monetary policy ................................... 27

Some conclusions from the past .............................................................................. 28

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