This used to be known as an industrial policy, before it became heretical to utter the words. I don't see much evidence, here in Europe, of anyone freaking out over it, although the mooted investment in chip production has attracted a lot of comment. It is about time that it came back, though. To cope with climate change we are going to need something more creative than just scrambling for growth. An industrial policy should be just the ticket.

The thing is, with the USA's outsize influence and pattern of bullying other countries into adopting its own models, this transition will inevitably catch on in Europe in due time. If it survives the next presidential election or two, it could be a global turning point.