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Digital Subscriptions > Prospect Magazine > October 2016 > A real industrial revolution

A real industrial revolution

Thanks for the namecheck, David. But a comprehensive stratgey for smarter, fairer growth will require Theresa May to upend many more failed orthodoxies

In arguing for a more active industrial strategy, David Willetts is right to highlight the progress he and Vince Cable made when in government. Much of this was lost when the last Business Secretary, Sajid Javid, fell back on the old mantra that government had to get out of the way. If Theresa May is serious about industrial strategy, she must begin a fundamental shift in how economic growth is understood, and fostered. Growth has a direction as well as a rate, and the aim of industrial-innovation policy must be to set that direction. Willetts gives 10 practical tests for policies, but I’d like to add eight more ideas that Whitehall must embrace if it is to give a radical lead.

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About Prospect Magazine

In Prospect’s October issue: Nobel-winning economist Joseph Stiglitz tells our new Editor Tom Clark why globalisation has made him more radical. Rachel Holmes asks whether more women leaders really help women. Five hundred years on, what does Thomas More’s “Utopia” tells us about political idealism. And Tristram Hunt on why Labour needs another Clement Attlee. Also in this issue: David Runciman on why more members isn’t always a good thing for a political party. Will Self on why we’re all turning into robots. Your handy graphic guide to Brexit. Plus: David Willetts on what Theresa May’s industrial strategy should look like. And Kenneth S Rogoff argues we should abolish cash.
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