Alex Chalmers on the story of European industrial policy that actually succeeded - how a consortium of countries built a real competitor to Boeing against all odds.
“Everyone cites Airbus as 'proof industrial policy works' but nobody explains the actual mechanism. Alex does. Spoiler: it wasn't subsidies that made the difference, it was organizational design.”
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The contrast with Concorde is the key. Same countries, same era, same industrial policy ambitions. Concorde failed because it optimized for prestige. Airbus succeeded because it optimized for commercial viability. Goals matter.