IESET.
Axes·fiscal·fiscal.sectoral_subsidy

sectoral subsidy

Targeted industrial and sectoral subsidies (renewable energy, chip manufacturing, agriculture, green hydrogen, etc).

Direction semantics

+
expanded sectoral subsidies
-
reduced sectoral subsidies

Hypotheses that test this axis

Inferred from the hypothesis-axis index. These are the empirical tests in the library whose outcomes speak to policies moving on sectoral subsidy. Verdict badges show the current state of evidence.

Absolute decoupling of GDP growth from material throughput has not been sustained at global scale 1970-2020; reported decoupling in advanced economies reflects offshored manufacturing and is reversed under consumption-based accounting.
absolute_decoupling_global_material_throughput
pending
Botswana's celebrated 1966-2010 institutional-exceptionalism case showed signs of diminishing returns post-2014 as natural-diamond demand softened (lab-grown competition, shifting consumer preferences, Indian polishing-industry restructuring) and economic diversification efforts produced limited results.
africa_botswana_diamond_dependency_post_2014
partial
Ethiopia's Grand Ethiopian Renaissance Dam (construction 2011-2024, partial commissioning from 2022) was projected to raise generation capacity by ~5 GW and shift the country's electricity-supply frontier outward.
africa_ethiopia_gerd_economic_effect_2011_2024
partial
Mauritius's 1970-launched Export Processing Zone, sequenced upper-middle-income transition through textiles → tourism → financial services, and post-2000 services-export diversification produced a sustained convergence pattern that distinguishes it from SSA peers.
africa_mauritius_export_zone_model_1980_2024
partial
Rwanda's post-1995 reconstruction trajectory under the RPF/Kagame government produced a multi-decade growth premium versus Sub-Saharan African peers, accompanied by sharp improvements in life expectancy, child mortality, and electrification, and a comparatively idiosyncratic civil-liberties regression captured in V-Dem and Freedom House.
africa_rwanda_post_genocide_growth_model_1995_2024
partial
South Africa's persistent electricity-supply crisis (Eskom load-shedding episodes 2007, 2014-2015, 2018-2024) caused a measurable and cumulative manufacturing-sector contraction and total-factor-productivity drag, with effects intensifying in the post-2018 phase as load-shedding hours per year escalated to record levels.
africa_south_africa_load_shedding_manufacturing_2007_2024
partial
Albania's 1990-2023 development trajectory combined sustained real income growth, large child-mortality reductions, rising life expectancy, and a services-employment shift.
albania_growth_health_services_shift_1990_2023
supported
Armenia's 1990-2023 development trajectory combined sustained real income growth, large child-mortality reductions, rising life expectancy, and a services-employment shift.
armenia_growth_health_services_shift_1990_2023
supported
Bangladesh's apparel-export-led growth model 1985-2024 — anchored by the 1985 establishment of the EPZ regime, the MFA-quota dynamics pre-2005, the EU Everything But Arms preferences from 2008, and a sustained labour-cost advantage — produced cumulative real GDP-pc-PPP growth that converges toward the SAARC peer mean (IND, PAK, NPL) and a manufacturing value-added share rise of at least +5 percentage points 1985 to 2019.
asia_bangladesh_apparel_growth_1985_2024
supported
Taiwan's semiconductor industrial policy — anchored by ITRI's 1980s technology incubation, the 1987 spin-off of TSMC under government ownership, the Hsinchu Science Park ecosystem, and sustained R&D-intensity targeting through 2024 — produced one of the largest industrial-policy successes in modern economic history.
asia_taiwan_tsmc_industrial_policy_1985_2024
pending
Bangladesh's 1990-2023 development trajectory combined sustained real income growth, large child-mortality reductions, rising life expectancy, and a services-employment shift.
bangladesh_growth_health_services_shift_1990_2023
supported
Bhutan's 1990-2023 development trajectory combined sustained real income growth, large child-mortality reductions, rising life expectancy, and a services-employment shift.
bhutan_growth_health_services_shift_1990_2023
supported
US Biden IRA + CHIPS 2022 fiscal expansion produced measurable industrial investment gains without triggering persistent wage-price spiral once supply-side pandemic disruptions resolved.
biden_ira_chips_fiscal_inflation_pass_through
supported
Chile rejected two proposed constitutions during the Boric administration: the 2022 left-leaning convencion text (rejected 62% in September 2022) and the 2023 right-leaning consejo text (rejected 55% in December 2023).
boric_chile_2022_2026_constitutional_rejection_market_continuity
partial
Cambodia's 1990-2023 development trajectory combined sustained real income growth, large child-mortality reductions, rising life expectancy, and a services-employment shift.
cambodia_growth_health_services_shift_1990_2023
supported
Higher state-allocation burden proxies predict weaker productivity growth through favoritism and subsidy allocation.
campaign_favoritism_subsidy_allocation
supported
Canada’s long-run prosperity after the Canada–US Free Trade Agreement (1988) and NAFTA (1994) is more associated with market openness than with national industrial-policy initiatives.
canada_market_liberalisation_vs_state_industry_1988_2024
pending
Across Caribbean small-island economies 1990-2024, climate-related shocks (named hurricanes, tropical-storm landfalls, sea-level encroachment events) imposed measurable cumulative real-GDP-per- capita losses correlated with storm frequency and intensity, and insurance-market and disaster-financing arrangements (CCRIF SPC, contingent-credit lines) reduced — but did not eliminate — the growth penalty.
caribbean_climate_resilience_panel_1990_2024
pending
Developmentalist catch-up episodes generate more of their early growth through capital deepening and labor reallocation than through sustained TFP growth, which helps explain why the growth premium fades near the frontier.
catch_up_capital_deepening_not_tfp
pending
Developmentalist catch-up growth premiums are strongest before countries reach roughly 40 percent of US GDP per capita, but the premium fades or reverses after that middle-income threshold unless market competition and rule-bound institutions strengthen.
catch_up_growth_fades_after_middle_income_threshold
supported
In Maddison long-run country panels, catch-up growth is materially faster below roughly 40 percent of US GDP per capita than above that threshold, but the post-threshold premium is small enough that the developmentalist catch-up advantage fades over longer 10-year windows.
catch_up_growth_fades_after_middle_income_threshold_v2
partial
Universal child-benefit / expanded child tax credit expansions (US ARP 2021, UK pre-2013 child benefit) reduced child poverty rates by measurable magnitudes in real time.
child_benefit_expansion_child_poverty_effect
supported
Chile's 1990-2023 development trajectory combined sustained real income growth, large child-mortality reductions, rising life expectancy, and a services-employment shift.
chile_growth_health_services_shift_1990_2023
supported
China's "Made in China 2025" industrial-policy programme (announced May 2015, targeting 10 priority sectors with subsidies, state-directed investment, and indigenous-innovation procurement) produced measurable capability gains in manufacturing value-added share, high-tech export share, and R&D intensity from 2015 to 2024 — but did not break the global manufacturing-value-added share growth trend already in place pre-2015.
china_extra_made_in_china_2025_outcomes
partial
China's 1990-2023 development trajectory combined sustained real income growth, large child-mortality reductions, rising life expectancy, and a services-employment shift.
china_growth_health_services_shift_1990_2023
supported
China's strongest total factor productivity acceleration occurred during the WTO-accession period (2001-2008) linked to tariff reduction, foreign competition, and regulatory harmonisation, while the subsequent subsidy-heavy state-direction phase (post-2008, intensifying post-2015) is associated with weaker TFP growth and rising capital misallocation.
china_post_wto_market_opening_vs_subsidy_tfp
supported
China's 2010-2023 state-directed solar-PV and onshore-wind manufacturing scale-up (Renewable Energy Law 2005, 12th and 13th Five-Year Plan industrial-policy targets) is the dominant source of the ~85% global decline in solar-PV module costs and the ~55% decline in onshore-wind LCOE over the same window.
china_renewables_global_learning_curve_spillover
refuted
China's state-directed solar and wind manufacturing scale-up 2005-2020 delivered cost reductions on learning curves faster than any market-led OECD programme, demonstrating planning-led industrial policy's ecological potential.
china_renewables_industrial_policy_learning_curve
pending
Chinese state-owned enterprises in strategic sectors (steel, energy, telecoms) post-1978 grew faster than privatised peers in Eastern Europe through the 1990s-2010s, demonstrating that public ownership with planning can outperform market transition.
china_soe_vs_cee_privatised_growth
pending
China's post-WTO 2001 accession produced export-sector productivity gains that spilled over to domestic value chains, vindicating export-oriented industrial policy combined with selective liberalisation.
china_wto_accession_productivity_growth_effect
supported
China's dynamic-zero-COVID policy 2020-2022, peaking with the Shanghai April-2022 lockdown and Beijing/Wuhan late-2022 closures, produced sharper-than-counterfactual demand contraction — retail-sales YoY turning negative, manufacturing PMI sub-50, and youth unemployment spiking — and the December-2022 abrupt reopening produced an incomplete and short-lived recovery rather than the V-shaped rebound expected from pent-up demand and excess household savings.
china_zero_covid_2022_2023_demand_collapse_recovery
pending
The 2022 US CHIPS and Science Act (~$52bn manufacturing subsidy + 25% ITC) produced a measurable acceleration in announced and realised US semiconductor fab construction starts and capacity additions over 2023- 2027, narrowing the US share-of-global advanced-logic capacity gap relative to Taiwan + South Korea, but the realised capacity addition by 2027 falls materially short of both the headline announcements (Intel Ohio, TSMC Arizona, Samsung Texas, Micron New York) and the pre-CHIPS US share-recovery rhetoric.
chips_act_2022_semiconductor_capacity_2024_2027
pending
Sectoral collective-bargaining extension to non-signatory firms predicts higher unemployment in small firms and reduced entry.
collective_bargaining_extension_non_signatory_cost
partial
Across advanced and middle-income economies 1990-2020, stronger antitrust and competition-policy enforcement — measured by merger- control intensity, cartel fines per GDP, and competition-authority staffing — predicts higher subsequent patent quality (forward citations per patent) and total-factor-productivity growth over 20-year windows.
competition_policy_enforcement_innovation
pending
Consumer product variety and price-adjusted welfare improve more after episodes of trade liberalisation and competition-policy reform than after state industrial-policy episodes of comparable duration and scale, in a panel of middle- and high-income countries 1980-2020.
consumer_choice_variety_trade_market_reform
pending
The long-run prosperity gap between the Czech Republic and Slovakia since their 1993 dissolution is better explained by divergence in market institutions and FDI openness than by state-led industrial strategy.
czech_slovak_market_transition_comparison
partial
The strongest long-run economic performers among countries that achieved middle-income status are those that used developmentalist tools (state-directed credit, sectoral targeting, export subsidies, infrastructure investment) for catch-up growth, then transitioned toward market competition, fiscal discipline, and rule-bound institutions before reaching frontier convergence.
developmental_state_to_market_transition_success
refuted
Developmentalist policy packages show positive growth effects mainly in low-income catch-up windows, while the same packages show weaker or null effects in upper-middle-income and high-income windows unless market competition improves.
developmentalist_growth_premium_low_income_only
partial
The Dominican Republic's 1980-2024 development path combined an early free-zone regime (Law 4315 of 1955; expanded under Balaguer and especially under the 1990s textile boom), a sustained tourism- buildout (Punta Cana, Bávaro, Puerto Plata), and a Mirex-led remittance-receiving migrant infrastructure to deliver cumulative log GDP-per-capita growth in the top quartile of the Caribbean and top half of Latin America.
dominican_tourism_freezone_model_1980_2024
pending
East Asian high-performing economies (South Korea, Taiwan, Singapore, Hong Kong) achieved superior long-run total factor productivity and manufacturing productivity growth because export-market discipline forced competitive efficiency and technology upgrading, whereas economies that relied on protected domestic industrial policy without rigorous export exposure (Malaysia, Thailand in select sectors) experienced weaker long-run productivity.
east_asia_export_discipline_vs_domestic_protection
pending
Consumer subsidies and charging-network markets predict more durable EV adoption than production quotas or manufacturer mandates after subsidy withdrawal.
electric_vehicle_mandate_vs_market_adoption_path
pending
Germany's 2010-2024 Energiewende-driven reduction in territorial CO2 emissions, valued at a central social-cost-of-carbon (SCC) of USD 185/tCO2 (Rennert et al.
energiewende_avoided_emissions_value_outweighs_industrial_cost
partial
The 2022 European gas-price shock plus heterogeneous national policy responses (German Doppelwumms ~€200bn relief package, Spanish-Portuguese Iberian gas-price-cap mechanism, Italian energy-aid bridges, French EDF nationalisation + nuclear price cap) produced a divergent industrial- relocation pattern within Europe and across the Atlantic over 2022-2025.
energy_crisis_2022_european_industrial_relocation
partial
Removal of fossil-fuel and electricity subsidies predicts more efficient energy use and faster renewable adoption than continued subsidy.
energy_subsidy_reform_efficiency_gain
partial
Pre-2010 Ethiopian developmental-state strategy (state-led infrastructure, industrial parks, export-credit allocation) produced the fastest sustained African growth rates, consistent with late-developer industrial-policy theory.
ethiopia_developmental_state_growth_effect
partial
Ethiopia's pre-war 2000-2019 development episode combined fast real GDP per-capita growth, large child-mortality reduction, rising life expectancy, and a shift toward services employment.
ethiopia_prewar_growth_human_development_2000_2019
supported
The EU Registration, Evaluation, Authorisation and Restriction of Chemicals regulation (REACH, entered into force 2007 with phased registration deadlines 2010, 2013, 2018) imposed substantial fixed-cost registration requirements on chemical substances manufactured or imported above threshold tonnages.
eu_chemical_reach_regulation_firm_exit_effect
supported
Across the EU-27 panel 2005-2023, territorial CO2 emissions declined in absolute terms while real GDP rose -- a pattern-consistent absolute-decoupling regime.
eu_ets_absolute_decoupling_emissions_gdp
partial
EU Emissions Trading System (ETS) allowance prices traded in a sustained €70-100/tCO2 range from late 2021 through 2024 (with a peak at €105 in February 2023), a step-change above the €5-30 range that prevailed through Phase I-III (2005-2020).
eu_ets_price_2022_2026_carbon_signal_strength
pending
The EU's headline ~15% reduction in natural-gas demand over the August 2022 - March 2023 emergency window (vs the 2017-2021 average) was achieved through a measurable mix of (a) industrial demand destruction (rationing, plant mothballing, output cuts), (b) household + commercial conservation (thermostat reductions, voluntary cuts), (c) electricity- sector fuel-switching (coal restart, nuclear extension where available), and (d) unusually warm winter weather.
eu_gas_storage_winter_2022_2023_demand_destruction_vs_substitution
pending
EU Green Deal 2020-present emissions reductions have outpaced aggregate GDP growth, showing partial decoupling, but at rates still below 1.5C-consistent pathways.
eu_green_deal_decoupling_pace_vs_target
supported
EU Green Deal 2020-present production-side regulation produced faster sectoral emissions reductions than previous EU-ETS price-mechanism-only approaches.
eu_green_deal_vs_ets_emissions_mechanism
pending
The natural-gas price shock that began in late 2021 and intensified after the Russian invasion of Ukraine in February 2022 produced a measurable differential contraction of EU industrial output relative to US, UK, and non-EU Asian comparators over 2021-2024.
eu_post_2021_gas_shock_industrial_output_impact
partial
In a panel of middle-income countries 1990-2020, export complexity (Hausmann-Hidalgo Economic Complexity Index) rises more following reforms that improve foreign market access and reduce domestic entry barriers than following expansions of subsidy-only industrial policy.
export_complexity_market_access_vs_subsidy
partial
Export promotion combined with domestic competition policy outperforms export promotion combined with domestic protection (entry barriers, state aid to incumbents, preferential procurement) in raising real export growth and manufacturing TFP, in a broad-country panel 1990-2020.
export_promotion_without_protection
pending
The 2022-2024 US disinflation episode is partially but not predominantly attributable to the Fed's 525bp rate-hike cycle 2022-03 to 2023-07; supply-chain normalisation, energy-price reversion, and fiscal-impulse fade explain at least as much of CPI's decline from 9.1% (2022-06) to ~3% (2024-12).
fed_2022_rate_cycle_inflation_response_lag
partial
Across advanced economies post-1970, the finance-and-insurance sector's share of gross value added rose materially while the manufacturing sector's share fell, and the two trajectories are not jointly accounted for by a balanced services-sector reweighting.
financialisation_industry_share_decoupling
pending
Across an unbalanced panel of OECD and emerging-market economies 1980-2020, higher firm-entry rates (new business registrations per 1000 working-age population) predict stronger subsequent 20-year total-factor-productivity growth, after controlling for initial GDP per capita, human capital, and capital-deepening rates.
firm_entry_rate_long_run_productivity
supported
Fossil-fuel subsidies across OECD 1980-2020 persisted despite declared climate commitments, consistent with the eco-socialist claim that private fossil-reserve ownership structurally blocks adequate public action.
fossil_subsidy_persistence_private_ownership_link
pending
Across middle-income and catch-up economies 1980-2020, high state-directed allocation — measured by state-enterprise share of output, directed-credit intensity, and public-investment-driven growth — is associated with larger boom-bust cycles after middle-income status is reached, even when early catch-up growth is strong.
frontier_income_volatility_state_allocation
refuted
Fuel-subsidy removal with targeted cash transfers predicts more efficient energy use and better redistribution than universal subsidy.
fuel_subsidy_reform_efficiency_redistribution
partial
Lower broad subsidy and state-consumption burden proxies predict stronger electricity-access and quality-of-life gains.
fuel_subsidy_reform_qol_long_run
partial
Mandatory pharmacy-level generic substitution predicts pharmaceutical-spending reductions without worse mortality outcomes.
generic_substitution_mandate_savings_no_harm
refuted
German sectoral co-determination (Mitbestimmung) and workers-on-boards has coexisted with competitive export-manufacturing performance 1976-present, refuting the claim that worker voice necessarily reduces firm competitiveness.
german_codetermination_competitiveness
pending
Germany's industrial electricity prices diverged upward from a basket of comparable industrial peers (United States, France, Sweden, Norway, Finland) after the 2011 Energiewende pivot and the gap widened further through the 2014 nuclear-phase-out milestones and the 2022 gas crisis.
german_energiewende_industrial_cost_trajectory
refuted
Ghana's 1990-2023 development trajectory combined sustained real income growth, large child-mortality reductions, rising life expectancy, and a services-employment shift.
ghana_growth_health_services_shift_1990_2023
supported
The 1929-1933 US Great Depression contraction would have been substantially shallower with active fiscal expansion rather than the actual deflationary fiscal stance through 1932.
great_depression_fiscal_counterfactual
supported
Mao Zedong's Great Leap Forward (1958-1962), characterised by forced collectivisation into People's Communes, Lysenkoist rejection of scientific agronomy, diversion of rural labour to backyard steel production, and cadre-competition-driven inflation of reported harvests, produced a canonical institutional-economic collapse that manifests as >=7 of 10 pre-registered extreme-outcome metrics, each drawn from an independent data source or methodology family and measuring a different causal layer (demographic mortality, agricultural output, macroeconomic contraction, institutional coverage, human capital).
great_leap_forward_famine_output_collapse_1959_1961
pending
The 2022-2026 wave of major-economy industrial-policy programmes — US IRA + CHIPS, EU Critical Raw Materials Act + Net-Zero Industry Act, EU Chips Act, Japan Green Transformation (GX, ¥150tn / ~$1tn announced), Korea K-Chips + Korean New Deal 2.0, China 14th Five-Year Plan + Made-in-China-2025-2.0 with semiconductors and clean energy as national-security frontier — represents the largest coordinated wave of industrial-policy spending in the post-1970s OECD record.
green_industrial_policy_global_chip_race_2022_2026
pending
Health-savings-account or catastrophic-plus-savings designs contain cost growth without worse age-adjusted mortality than comprehensive public-insurance peers.
health_savings_account_preventive_spending
pending
Countries in the top quartile of Heritage lower-government-spending score in 2024 have higher latest-available electricity access than bottom-quartile countries, consistent with free-market country policy regimes outperforming less market-oriented regimes on this outcome.
heritage_government_spending_electricity_access_current_gap
refuted
Conditional on latest real GDP per capita and broad Heritage region, countries with higher Heritage lower-government-spending score in 2024 have higher latest-available electricity access.
heritage_government_spending_electricity_access_income_region_robustness
partial
Countries in the top quartile of Heritage lower-tax-burden score in 2024 have higher latest-available electricity access than bottom-quartile countries, consistent with free-market country policy regimes outperforming less market-oriented regimes on this outcome.
heritage_tax_burden_electricity_access_current_gap
partial
Conditional on latest real GDP per capita and broad Heritage region, countries with higher Heritage lower-tax-burden score in 2024 have higher latest-available electricity access.
heritage_tax_burden_electricity_access_income_region_robustness
partial
Countries escaping middle income into high income are more likely to combine export openness with domestic market competition than export promotion with persistent domestic protection.
high_income_escape_market_openness_1950_2024
pending
Under Financial Secretary John Cowperthwaite (1961–1971) and successors, Hong Kong pursued near-laissez-faire economic policy — no capital controls, no industrial policy, minimal tariffs, low flat taxes, and light labour regulation; between 1960 and 1997 Hong Kong's GDP per capita rose from approximately $4,000 to $26,000 (2011 PPP), converging almost fully to UK levels and surpassing most continental European economies.
hong_kong_minimal_state_growth_miracle_1960_1997
supported
Hong Kong's long-run income convergence to the productivity frontier without classic industrial policy (sectoral targeting, directed credit, national champions, or SOE promotion) matches or exceeds that of developmentalist East Asian comparators after controlling for initial income, human capital, and trade openness.
hong_kong_no_industrial_policy_frontier_comparison
refuted
Import-substitution industrialisation episodes underperform export-oriented openness episodes in 25-year GDP-per-capita and labour-productivity windows across a broad panel of developing economies during 1960-2020.
import_substitution_long_run_export_underperformance
partial
Higher broad state-allocation burden proxies predict weaker high-technology innovation diffusion.
incumbent_subsidy_innovation_drag
partial
Across OECD and emerging-market economies 1995-2020, subsidies to incumbent firms — measured by state aid, bailouts, and directed credit guarantees as a share of GDP — predict persistent market concentration (rising top-4 firm revenue share) and weaker subsequent total-factor-productivity growth.
incumbent_subsidy_market_share_persistence
pending
India's Modi-era growth 2014-2024 — covering GST implementation 2017, IBC bankruptcy reform 2016, infrastructure capex push, PLI manufacturing schemes 2020-2024 — produced a per-capita GDP growth rate that is comparable to but not materially above the 2004-2013 UPA-era pre-COVID trend.
india_extra_modi_era_growth_2014_2024
supported
India's 1990-2023 development trajectory combined sustained real income growth, large child-mortality reductions, rising life expectancy, and a services-employment shift.
india_growth_health_services_shift_1990_2023
supported
India's post-1991 liberalisation accelerated growth but services-heavy rather than manufacturing-led, leaving labour-intensive employment gains smaller than in East Asian industrial-policy peers.
india_services_led_growth_employment_effect
partial
Indigenous-managed parcels in the Amazon basin (BRA, PER, COL, ECU, BOL), Canadian First-Nations comanagement areas, and Australian Indigenous Protected Areas retain at least 20% more above-ground biomass per hectare than biome-matched state- protected and private parcels over 2003-2023, after controlling for slope, accessibility, and pre-treatment biome composition.
indigenous_managed_land_carbon_stocks_protected_premium
refuted
Indonesia's 1990-2023 development trajectory combined sustained real income growth, large child-mortality reductions, rising life expectancy, and a services-employment shift.
indonesia_growth_health_services_shift_1990_2023
supported
Industrial concentration (top-4 firm share) in US manufacturing and retail sectors rose 1997-2020 alongside declining labour share, consistent with monopolisation tendency.
industrial_concentration_labour_share_link
pending
Industrial policy effectiveness depends on governance quality; in low-rule-of-law country samples, state allocation predicts higher corruption and lower long-run GDP growth than in high-rule-of-law samples, in a broad panel of economies during 1990-2020.
industrial_policy_corruption_interaction
pending
Developmentalist East Asian states (South Korea, Taiwan, Singapore, China) pursuing active industrial policy — export-discipline, selective credit, state-directed FDI screening, targeted sector promotion — achieved higher long-run real per-capita GDP growth over 1960-2019 than otherwise-comparable countries starting at similar income levels in 1960.
industrial_policy_developmentalist_states_growth
supported
Industrial policy succeeds when subsidies and cheap credit are conditional on export-discipline performance (Korea, Taiwan, China) and fails when unconditional (Latin American ISI 1960s–1980s, India pre-1991 licence raj).
industrial_policy_export_discipline_conditionality
pending
Industrial policy outcomes are bimodal by governance capacity: high-capacity states (Korea, Taiwan, Singapore) produce positive returns; low-capacity states produce rent-capture and white-elephants.
industrial_policy_governance_capacity_conditionality
partial
Industrial policy (sectoral targeting, export subsidies, conditional credit, technology push) succeeds in raising long-run manufacturing productivity and export sophistication when implemented in high-governance states with export discipline (clear performance criteria, sunset clauses, competitive benchmarking), over 30-year windows 1960-2020.
industrial_policy_high_governance_success
partial
Biden's IRA/CHIPS industrial policy will show partial success on capacity-building metrics and mixed results on job creation, consistent with the conditional view that industrial policy works where targeting is technically competent and governance is strong.
industrial_policy_semiconductor_chips_act_effectiveness
pending
Industrial policy episodes without clear exit rules or export-discipline conditions generate weaker long-run GDP-per-capita and productivity outcomes than episodes with hard performance conditions, in a broad panel of economies during 1970-2020.
industrial_policy_without_exit_discipline_failure
pending
Tariff protection for infant industries under export-discipline conditionality (Korea steel, Brazil Embraer) produces capability build-up that free-trade-from-start counterfactuals would not have generated in the same timeframe.
infant_industry_protection_capability_effect
partial
State-led infrastructure investment (transport, energy, water, telecommunications) has high economic returns in countries below basic access thresholds (paved-road density <20 km per 100 km2, electricity access <80%, clean water access <90%), confirming developmentalist catch-up logic.
infrastructure_gap_state_investment_high_return
partial
Higher regulatory quality predicts stronger infrastructure-maintenance and access proxies than universal underpricing.
infrastructure_user_pricing_quality
partial
Persistent broad subsidy and government-consumption burdens predict weaker long-run household consumption growth.
interventionist_subsidy_consumption_decay
refuted
The Inflation Reduction Act (IRA, signed August 2022) produced a measurable step-change in US clean-energy investment, manufacturing reshoring, and fiscal cost over 2022-2026 relative to a pre-IRA trajectory and to non-US comparators (EU, China, Japan, Korea).
ira_2022_clean_energy_investment_decomposition
partial
Ireland’s long-run convergence from a middle-income to a high-income economy during 1987–2024 is better predicted by trade openness, tax competitiveness, and FDI entry than by classic industrial planning.
ireland_market_opening_fdi_frontier_1987_2024
supported
Japan's Ministry of International Trade and Industry (MITI) era (1960-1985) produced positive catch-up productivity growth through technology licensing coordination and scale economies, but Japan's post-1990 stagnation is associated with protected domestic sectors, zombie lending to inefficient incumbents, and weak product-market competition.
japan_miti_success_then_stagnation_panel
pending
Park Chung-hee's 1961-1979 heavy-and-chemical-industry drive in Korea (shipbuilding, steel, petrochemicals, chemicals) produced durable industrial capability that generated export competitiveness by 1985, outperforming import-substitution-industrialisation counterfactuals in Latin America across comparable decades.
korea_hci_drive_capability_effect
supported
South Korea's post-1997 corporate governance and financial liberalisation reforms explain a larger share of post-crisis frontier productivity convergence than the earlier heavy-and-chemical-industry (HCI) drive.
korea_post_chaebol_liberalisation_frontier_growth
pending
India's 2019-2020 consolidation of 29 labour laws into 4 Codes (Wage Code 2019, Industrial Relations Code 2020, OSH Code 2020, Social Security Code 2020) — implementation pending in many states — raised India's manufacturing formal-employment share by at least 1 pp by 2024 in early- notifying states relative to late-notifying states, exploiting the staggered state-level rollout for identification.
labour_reform_india_industrial_codes_2020
pending
Across Latin American economies 1990-2024, the cross-country variation in real-GDP growth is materially driven by the global commodity-price cycle, with a measurable "China-supercycle" dividend 2003-2014 and a "post-supercycle penalty" 2014-2019.
latam_extra_commodity_cycle_dependence_1990_2024
partial
Across Latin American economies 1999-2024, countries that adopted numerical fiscal rules (Chile 2001, Brazil LRF 1999, Colombia 2011, Mexico Pemex-and-budget 2006, Peru 1999, Uruguay 2006) showed measurably better fiscal-balance dispersion and lower public-debt growth than non-adopters, conditional on commodity-cycle exposure.
latam_extra_fiscal_rule_adoption_panel_1999_2024
partial
US CPI inflation was highly persistent (first-order autocorrelation at quarterly frequency above 0.85, sum of AR coefficients above 0.95) during 1960-1979, and substantially less persistent (first-order autocorrelation below 0.6, sum of AR coefficients below 0.8) during 1985-2019.
lucas_expectations_anchoring_post_volcker_us_inflation_persistence
refuted
Brazil's Nova Indústria Brasil (NIB) 2024 industrial-policy plan targets six "missions" (sustainable agribusiness, health complex, infrastructure, digital transformation, defence/ bioeconomy, decarbonisation) with R$300bn of subsidised credit + procurement preferences.
lula3_industrial_policy_2023_2026_reshoring_outcomes
pending
Exxon, Shell, BP, Chevron 1980-2020 disclosed knowledge of climate impacts while investing in reserves whose combustion would exceed the remaining 1.5C carbon budget, consistent with accumulation-ecological-limit contradiction.
major_fossil_firm_reserve_vs_carbon_budget
partial
Malaysia's post-1990 growth plateau is associated with protected national-champion industrial policy (Proton, GLC preference, sectoral reservation) and ethnic-allocation constraints (Bumiputera equity requirements, preferential procurement) that reduced product-market competition and resource allocation efficiency after successful early catch-up (1970-1990).
malaysia_developmentalist_plateau_1990_2024
pending
Malaysia's 1990-2023 development trajectory combined sustained real income growth, large child-mortality reductions, rising life expectancy, and a services-employment shift.
malaysia_growth_health_services_shift_1990_2023
supported
Maldives's 1990-2023 development trajectory combined sustained real income growth, large child-mortality reductions, rising life expectancy, and a services-employment shift.
maldives_growth_health_services_shift_1990_2023
supported
Maoist China's 1949-1976 infrastructure and literacy expansion produced the human-capital base that enabled post-1978 reform growth; pre-1978 development was a precondition, not a failure.
maoist_precondition_for_deng_reform_growth
partial
Across a pre-registered narrower OECD/market-peer panel from 1996 to 2021, larger government-consumption shares predict lower manufacturing value-added shares after country and year fixed effects and basic macro controls.
market_order_government_consumption_manufacturing_share_panel
partial
Market-oriented reform episodes that persist for at least twenty years produce more durable GDP-per-capita and productivity gains than short reform bursts or state-led industrial-policy episodes without sustained market competition.
market_reform_duration_growth_persistence
partial
GCC economies' GDP growth volatility correlation with oil-price changes diminished measurably from the 2014-2016 oil-price collapse onwards, reflecting the cumulative effect of fiscal-buffer institutionalisation (sovereign-wealth funds, NDC frameworks), VAT introduction (UAE/SAU/BHR 2018, OMN/QAT 2022), and progress on non-oil-sector expansion.
mena_gcc_oil_price_decoupling_2014_2024
pending
Israel's 2000-2024 transformation into a high-tech-export-led economy ("Start-Up Nation") produced a sustained labour-productivity acceleration, services-export composition shift, and high-skilled-employment expansion exceeding OECD peers without comparable defence-tech / venture-capital ecosystems.
mena_israel_high_tech_economy_2000_2024
partial
Saudi Arabia's 2016-launched Vision 2030 strategy under MBS targeted non-oil GDP share growth, female labour-force participation, tourism inflows, and PIF-led mega-project investment.
mena_saudi_vision_2030_diversification_2016_2024
partial
The UAE's 1990-2024 diversification trajectory — Dubai's services / logistics / finance / tourism build-out, Abu Dhabi's hydrocarbon-anchored sovereign-wealth model, free-zone proliferation (DIFC, ADGM, JAFZA) — produced the most successful Gulf transition from hydrocarbon-rent dependency, visible in non-oil-GDP share, services-export composition, and tourism / aviation hub metrics.
mena_uae_diversification_economic_complexity_1990_2024
partial
Milei's "motosierra" (chainsaw) programme combines public-sector employment cuts, ministry consolidation (from 18 to 9 ministries), and elimination of energy/transport subsidies.
milei_chainsaw_state_capacity_decomposition_2024_2025
partial
German Mittelstand-supporting institutional architecture (vocational training, Landesbanken patient capital, co-determination) correlates with higher manufacturing productivity persistence than Anglo-Saxon shareholder-primacy arrangements in capital-intensive sectors.
mittelstand_institutional_productivity_effect
pending
Mitterrand 1981-1983 nationalisations of banking and industry did not produce the predicted efficiency collapse in the nationalised firms relative to private peers during their nationalised years, though macro outcomes were affected by FX pressure.
mitterrand_nationalised_firm_efficiency
partial
Mongolia's 1990-2023 development trajectory combined sustained real income growth, large child-mortality reductions, rising life expectancy, and a services-employment shift.
mongolia_growth_health_services_shift_1990_2023
supported
Sectors dominated by national-champion firms show lower 20-year total-factor- productivity growth than comparable competitive sectors after the initial scale-up phase, in a broad panel of OECD and emerging-market economies during 1980-2020.
national_champions_long_run_productivity_drag
pending
Sectoral nationalisation produces a three-order causal chain.
nationalisation_investment_productivity_decline_venezuela
partial
Nepal's 1990-2023 development trajectory combined sustained real income growth, large child-mortality reductions, rising life expectancy, and a services-employment shift.
nepal_growth_health_services_shift_1990_2023
supported
US New Deal 1933-1938 (public-works employment, Social Security, Wagner Act) raised median living standards and reduced unemployment faster than the pre-1933 laissez-faire counterfactual, vindicating democratic reformist economic management.
new_deal_output_employment_counterfactual
partial
The September 2022 sabotage of the Nord Stream 1 and 2 pipelines formalised a structural pivot in European gas supply: the share of EU gas imports from Russia (pipeline + LNG combined) fell from ~40% in 2021 to <15% by 2024, US LNG exports to the EU rose from ~22 bcm/yr pre-shock to ~50-70 bcm/yr 2023-2024, Norwegian pipeline gas became the largest single EU supplier (>30% of imports), and EU LNG regasification capacity expanded materially (FSRU additions in DEU Wilhelmshaven + Brunsbüttel + Stade, NLD Eemshaven, ITA Piombino, FRA Le Havre).
nordstream_sabotage_2022_european_energy_security_pivot
partial
Lula third-term's Nova Indústria Brasil 2024 industrial-policy package, conditioned on export performance and technology-diffusion metrics, produces measurable sectoral capability gains (semiconductors, green hydrogen, health-industrial complex) by 2030 — replicating the East Asian export-discipline conditionality pattern rather than the earlier Latin American import-substitution-industrialisation pattern.
nova_industria_brasil_export_discipline_pattern_effect
pending
Countries that legislated and executed nuclear phase-outs (Germany 2011-2023, Belgium 2003 law with 2025-2035 phase-out, Switzerland 2017 vote) experienced over 2010-2024 (a) higher industrial electricity prices, (b) higher wholesale electricity price volatility, and (c) greater reliance on fossil-fired back-up capacity for grid balancing, relative to nuclear-retaining peers (France, Finland post-2023 Olkiluoto 3, Sweden, USA).
nuclear_phaseout_grid_reliability_cost_tradeoff
pending
The 2022-2026 window saw rhetorical and policy-stated revival of Western large-scale nuclear power: France committed to EPR2 fleet (6 + 8 reactors by 2050) under loi accélération du nucléaire 2023; UK confirmed Sizewell C investment FID 2024 + Small Modular Reactor (SMR) competitive selection 2024-2025; US Vogtle Unit 4 commercial start July 2024 + several SMR / advanced-reactor licensing applications; Japan re-pivoted to nuclear restart + lifetime extension (2023 GX framework permits >60-year operation); Sweden, Finland, Netherlands, Belgium reversed phase-out policies.
nuclear_revival_2023_2026_western_construction_starts
partial
In countries where nuclear power's share of electricity generation rose materially after 1985, fossil-fuel electricity share usually fell.
nuclear_share_fossil_electricity_panel_1985_2024
supported
OECD economies 2010-2023 have absolutely decoupled territorial CO2 emissions from real GDP -- emissions fell while GDP rose -- AND the pace of that decoupling falls short of the rate consistent with a 1.5C-aligned linear pathway (50% reduction 2019-2030, ~7%/year).
oecd_decoupling_pace_below_15c_joint_test
refuted
Countries with very large renewable-electricity gains should also show visible economy-wide energy transition: among countries where renewable electricity share rose by at least 20 percentage points from 2000 to 2023, at least 80% should increase renewables' share of total energy by at least 5 percentage points, and the median total-energy renewable-share gain should be at least 8 percentage points.
owid_electric_renewables_total_energy_followthrough_2000_2023
supported
Most large economies should show substantial carbon-intensity improvement since 1990: among the 19 country-level G20 economies with local OWID coverage, at least 75% should reduce CO2 emissions per unit of GDP by at least 25% by 2022, and the median decline should be at least 35%.
owid_g20_co2_intensity_decline_1990_2022
supported
Among a fixed panel of 20 high-income economies, per-capita CO2 emissions should mostly fall after the mid-2000s energy-transition inflection: at least 75% should reduce per-capita CO2 by at least 15% from 2005 to 2023, and the median reduction should be at least 25%.
owid_high_income_co2_per_capita_decline_2005_2023
supported
Among countries where renewable electricity share rose by at least 15 percentage points between 2000 and 2024, fossil-fuel electricity share usually fell materially: at least 70% should show a fossil-share decline of at least 10 percentage points, and the median fossil-share change should be at most -15 percentage points.
owid_renewable_electricity_fossil_displacement_2000_2024
supported
Among countries where wind plus solar electricity share rose by at least 10 percentage points from 2000 to 2024, coal's electricity share should usually fall: at least 60% of selected countries should show a coal-share decline of at least 5 percentage points, with median coal-share change at most -10 percentage points.
owid_wind_solar_coal_displacement_2000_2024
refuted
Paraguay 2003-2024 quietly delivered cumulative log real-GDP per capita growth in the top half of Latin America, with low inflation (mean below 5% annualised), stable fiscal balance, and durable currency, despite minimal headline reform attention.
paraguay_long_stable_growth_2003_2024
pending
Stringent pharmaceutical price controls predict fewer new drug launches and longer time-to-market for innovative therapies.
pharma_price_control_launch_delay
partial
Poland's 1990-2023 development trajectory combined sustained real income growth, large child-mortality reductions, rising life expectancy, and a services-employment shift.
poland_growth_health_services_shift_1990_2023
supported
Politicised development-bank lending that increases around election cycles predicts weaker subsequent total-factor-productivity growth and higher non-performing loan ratios in a broad panel of emerging and developing economies during 1990-2020.
politicised_credit_election_cycle_growth_drag
partial
Post-2008 OECD GDP growth has slowed to roughly 1-2% trend levels while per-capita emissions remain above 1.5C-consistent paths, falsifying the 'green growth will solve it' forecasts of 2005-2010 IPCC scenarios.
post_2008_oecd_growth_emissions_path
pending
The 2021-2024 OECD inflation episode is best decomposed as ~60% supply-shock-driven (energy-price spike, supply-chain disruption, COVID labour-supply effects) and ~40% demand-driven (US fiscal stimulus, post-pandemic durable-goods boom, monetary accommodation), refuting both the pure-monetarist and pure-supply-shock framings.
post_covid_inflation_episode_supply_vs_demand_decomposition
pending
Precautionary-principle-based regulation in the EU produces a three-order causal chain relative to the US regulatory baseline.
precautionary_regulation_innovation_productivity_gap_eu_us
partial
Across a broad panel of developing and emerging-market economies 1980-2020, price controls and directed input subsidies predict higher capital misallocation — measured by the dispersion of the marginal product of capital across firms or sectors — and lower long-run total-factor-productivity growth.
price_signal_distortion_capital_misallocation
partial
Infant-industry protection that persists longer than 15 years predicts lower export competitiveness and weaker productivity growth than time-limited protection in a broad panel of developing economies during 1960-2020.
protected_infant_industries_fail_to_mature
pending
Public R&D spending (government and higher-education R&D) complements private-market innovation at the technology frontier, raising private patenting, total factor productivity, and venture-capital activity in sectors with high spillover potential (defence, health, general-purpose technologies).
public_rd_frontier_innovation_complement
partial
Post-1945 US and Western European public investment in rail/transit produced lower per-capita emissions than the post-1980 privatised-deregulated transport regime.
public_transport_investment_emissions_per_capita
pending
Among high-income frontier economies 1990-2020, regulatory predictability — measured by low regulatory-policy volatility, stable tax codes, and low frequency of major rule changes — predicts innovation outcomes (patent quality, R&D productivity, and frontier TFP growth) better than direct public R&D subsidies as a share of GDP.
regulatory_predictability_frontier_innovation
partial
Resource-funded developmentalist states produce early public-investment gains but weaker long-run economic diversification and lower TFP growth than market-open resource peers over 30-year windows in a broad panel of resource-rich economies during 1970-2020.
resource_developmentalism_rent_seeking_trap
partial
Nationalisation of producing oil, gas, and mining enterprises without preservation of operational autonomy reduces extractor output within 3–5 years of nationalisation and underperforms the counterfactual trajectory for at least a decade.
resource_extractor_nationalisation_reduces_output
partial
Rwanda's 1990-2023 development trajectory combined sustained real income growth, large child-mortality reductions, rising life expectancy, and a services-employment shift.
rwanda_growth_health_services_shift_1990_2023
supported
Indonesia's Jokowi-era infrastructure push 2014-2024 — covering the toll-road expansion, MRT/LRT urban transit, port and airport upgrades, electrification programme, and 2024 Nusantara new-capital build — produced a measurable rise in gross fixed capital formation share of GDP and a logistics-cost reduction visible in the World Bank Logistics Performance Index.
sea_indonesia_jokowi_infrastructure_2014_2024
refuted
The Philippines' business-process-outsourcing (BPO) sector — built through PEZA tax incentives, English-language workforce, and a 2005- onwards explicit industrial-policy push — produced a measurable services-led structural shift, with services value-added share of GDP rising by at least +5 percentage points 2005-2019 and per-capita GDP growth differential vs the ASEAN-5 peer mean (IDN, MYS, THA, VNM) averaging at least +0.3pp/yr over 2005-2019.
sea_philippines_bpo_industrial_policy_2005_2024
supported
Vietnam's post-1995 trajectory — building on the 1986 Doi Moi reforms through US trade-normalisation 1995, ASEAN accession 1995, BTA with the US 2001, WTO accession 2007, EVFTA 2020, and a deliberate FDI manufacturing-attraction strategy — produced sustained convergence to middle-income levels, with real GDP-per-capita (PPP) growth averaging at least 4.5 percentage points per year above the SE-Asian peer panel mean (PHL, IDN, KHM, LAO, BGD, MMR) over 1995-2019.
sea_vietnam_doi_moi_followon_growth_1995_2024
partial
Low-rate broad-base tax systems predict stronger long-run investment and employment than high-rate systems with sector exemptions.
sector_neutral_tax_vs_exemption_cumulation
partial
Among high-income economies 1990-2020, services-sector competition — measured by low barriers to entry, low incumbent-protection scores, and high churn in retail, transport, communications, and professional services — predicts long-run prosperity (real GDP per capita growth and labour-productivity growth) better than manufacturing-specific industrial policy spending.
sectoral_competition_services_productivity
partial
Services trade liberalisation predicts stronger total factor productivity growth in high-income frontier economies after 1990 than goods-sector industrial policy does.
services_trade_liberalisation_frontier_growth
pending
Singapore's Changi airport, SIA, port-state, and open-city strategy produced a durable air-services and visitor hub: by the pre-COVID endpoint, tourist arrivals were multiple times resident population, receipts were material, and the same economy remained extremely trade-open.
singapore_lky_changi_air_hub_tourism_1981_2019
supported
Singapore's LKY-era industrial strategy worked through disciplined openness to foreign capital and manufacturing upgrading: FDI inflows were persistently high, FDI intensity exceeded regional peers, manufacturing value added rose sharply, and manufactured exports dominated by 1990.
singapore_lky_fdi_manufacturing_upgrade_1970_1990
supported
Singapore's Lee Kuan Yew era growth takeoff from 1965 to 1990 was not a small city-state accounting artifact: real GDP per capita grew rapidly, the level multiplied several-fold, investment rates stayed high, and the 1990 income level exceeded regional market-economy peers by a large margin.
singapore_lky_growth_takeoff_1965_1990
supported
Singapore's LKY-era human-capital and investment-promotion base was followed by a high-tech export and digital adoption profile: internet diffusion became near-universal and high-tech manufactures remained a majority of manufactured exports by the 2020s.
singapore_lky_high_tech_export_digital_upgrade_1990_2024
supported
Singapore's LKY-era and immediate post-LKY human-capital trajectory shows a large education upgrade: PWT human-capital index roughly doubled, upper-secondary attainment rose sharply, tertiary enrolment became mass-participation, and the 2010 human-capital level reached advanced-economy territory.
singapore_lky_human_capital_upgrade_1965_2010
supported
The LKY-era Singapore model was extraordinarily trade-open rather than autarkic: trade and exports were far above GDP, trade openness beat regional peers, and manufactured exports became a dominant share by 1990.
singapore_lky_trade_openness_port_state_1965_1990
supported
The photovoltaic (PV) learning curve — log cost of utility-scale solar modules and levelised cost of electricity (LCOE) declining linearly in log cumulative installed capacity at a learning rate of approximately 20-25% per doubling — continued through the 2020-2024 period despite (a) the COVID supply-chain shock 2020-2022, (b) the 2022 polysilicon + freight-rate spike, (c) the 2022-2023 inflation shock that reversed cost declines in many other capital-equipment classes, (d) US + EU trade defences against Chinese modules.
solar_lcoe_2010_2024_learning_curve_continuation
pending
South Korea's 1990-2023 development trajectory combined sustained real income growth, large child-mortality reductions, rising life expectancy, and a services-employment shift.
south_korea_growth_health_services_shift_1990_2023
supported
Collectivised agriculture in the USSR 1930-1940 raised grain marketings sufficiently to finance industrial investment, delivering Preobrazhensky's scissors-crisis resolution despite high rural transition costs.
soviet_collectivisation_agricultural_marketings
pending
Soviet industrial output grew faster than Western European averages during 1928-1940 under the first two Five-Year Plans, demonstrating primitive socialist accumulation's catch-up capacity.
soviet_industrial_catch_up_1928_1940
partial
Spain absorbed the 2021-2023 inflation shock with improving unemployment and GDP above its pre-COVID level by late 2023.
spain_2021_2023_inflation_unemployment_resilience
supported
Sri Lanka's 1990-2023 development trajectory combined sustained real income growth, large child-mortality reductions, rising life expectancy, and a services-employment shift.
sri_lanka_growth_health_services_shift_1990_2023
supported
Among high-income economies 2000-2020, startup density (new high- growth firms per 1000 working-age population) predicts frontier prosperity — measured by real GDP per capita growth and productivity growth — more strongly than industrial-policy spending as a share of GDP.
startup_density_frontier_prosperity
partial
Higher broad state-consumption burden proxies predict worse child-mortality nutrition-risk outcomes.
state_agriculture_controls_malnutrition
partial
Higher state-allocation burden proxies predict lower long-run living-standard levels.
state_allocation_capital_misallocation_living_standards
partial
Higher state-allocation burden proxies predict weaker high-technology diffusion than competitive financing.
state_champion_tech_failure_rate
partial
Persistent state-directed credit allocation predicts higher zombie-firm shares and lower total-factor-productivity growth over 15-30 year windows in a broad panel of advanced and emerging economies.
state_credit_allocation_zombie_firm_persistence
pending
Higher state-consumption burden proxies predict weaker electricity-access outcomes over long windows.
state_energy_price_controls_shortage
partial
Higher state-allocation burden proxies predict weaker infrastructure access outcomes than competitive procurement.
state_monopoly_infrastructure_cost_overrun
partial
Higher state-owned enterprise shares predict slower long-run labour-productivity growth once basic infrastructure, literacy, and initial income gaps are controlled in a broad panel of advanced and emerging economies during 1980-2020.
state_owned_enterprise_share_growth_plateau
pending
Higher state-allocation burden proxies predict weaker voice-and-accountability information-quality outcomes.
state_planning_information_quality
partial
Deeper private financial-market proxies predict stronger productivity growth than state-directed allocation alone.
state_rd_vs_private_rd_productivity
refuted
Restrictive strike legislation predicts fewer days lost but may also reduce wage flexibility and sectoral adjustment speed.
strike_legislation_industrial_peace_productivity
partial
Industrial subsidies have positive early output effects but declining or negative productivity effects when maintained beyond 10 years in a broad panel of advanced and emerging economies during 1970-2020.
subsidy_duration_declining_returns_panel
pending
Taiwan's ITRI-led semiconductor strategy (ITRI founding 1973, UMC spinoff 1980, TSMC spinoff 1987, continued state-industry co-investment through the 1990s-2000s) produced a frontier-capability industry that market-led alternatives in comparable-income economies did not generate over the same 40-year window.
taiwan_itri_frontier_capability_effect
partial
Taiwan's long-run total factor productivity performance is better predicted by small-and-medium-enterprise (SME) density, export-market discipline, and product-market competition intensity than by direct state planning or state-owned-enterprise (SOE) share.
taiwan_sme_competition_vs_state_planning_growth
partial
Longer durations of sustained tariff protection predict weaker subsequent export competitiveness (lower real export growth and slower export- complexity upgrading) and lower real household consumption per capita growth, in a broad-country panel 1970-2020.
tariff_protection_duration_growth_drag
partial
Strict local-content or technology-transfer requirements on FDI slow high-tech productivity convergence over long windows.
tech_transfer_restrictions_slow_catch_up
pending
Thailand's 1990-2023 development trajectory combined sustained real income growth, large child-mortality reductions, rising life expectancy, and a services-employment shift.
thailand_growth_health_services_shift_1990_2023
supported
Thailand's middle-income plateau (post-1997 and especially post-2005) is associated with weaker product-market competition, lower institutional quality, and fragmented state coordination capacity relative to East Asian peers that sustained convergence.
thailand_middle_income_plateau_state_coordination
refuted
The ASEAN-China Free Trade Area (ACFTA), with the goods agreement effective 2010-01-01 for the original ASEAN-6, raised ASEAN-6 merchandise-export intensity over the 2010-2019 window relative to non-ASEAN comparator economies.
trade_lib_acfta_asean_china_2010_export_growth
partial
Argentina's manufacturing sector did not benefit durably from Mercosur (1991 onward) — manufacturing share of GDP fell over 1995-2019 from approximately 18% to 14%, a trajectory broadly consistent with non-Mercosur Latin American comparators (suggesting global deindustrialisation, not Mercosur-induced gain).
trade_lib_argentina_mercosur_industrial_effect
supported
Bangladesh's preferential duty-free, quota-free access to EU markets under the Everything-But-Arms (EBA) scheme — strengthened by Multi-Fibre Arrangement phase-out completion in 2005 and EBA-rules-of-origin simplification effective 2011 — produced a structural acceleration in Bangladesh apparel exports and manufacturing-share-of-GDP over the 2005-2019 window.
trade_lib_bangladesh_apparel_eu_eba_2008
supported
China's WTO accession (2001-12-11) triggered a structural acceleration in Chinese merchandise-export intensity and manufacturing value-added relative to a synthetic-control donor pool of large emerging economies that did not accede to the WTO on the same date.
trade_lib_china_wto_2001_manufacturing_export_surge
partial
The EU-Vietnam Free Trade Agreement (EVFTA), effective 2020-08-01, raised Vietnamese merchandise-exports-to-GDP and manufacturing value-added relative to a synthetic-control donor pool of South-East Asian comparator economies in the 2020-2024 window.
trade_lib_evfta_vietnam_eu_2020
partial
India under the Modi government (2014-) has reversed elements of the 1991-2007 tariff-liberalisation trajectory: weighted applied tariffs rose from ~13% in 2014 to ~18% by 2022 (according to WTO and WDI tariff measures), with Production-Linked Incentive schemes adding non-tariff protection.
trade_lib_india_modi_tariff_reversals_2014_2024
partial
Indonesia's 1985-1995 unilateral trade-liberalisation reforms (tariff reductions, customs reform under the Inpres 4 1985 package, removal of import licensing) raised manufacturing exports and trade-openness ratios over the 1985-1996 window before the 1997 Asian Financial Crisis interrupted the trajectory.
trade_lib_indonesia_1980s_1990s_unilateral
refuted
Morocco's FTA cascade (EU Association Agreement 2000, Agadir Agreement 2007, US FTA 2006, Turkey 2006) raised Moroccan trade- openness and manufacturing-export share over the 2000-2019 window relative to North African comparators.
trade_lib_morocco_eu_us_ftas
partial
Major trade-liberalisation events — defined as sharp, policy-driven increases in trade-to-GDP openness sustained over at least 5 years — are associated with positive subsequent per-capita GDP growth over 10-year horizons, relative to matched non-liberalising controls.
trade_liberalisation_growth_effect
partial
Across a broad panel of countries 1960-2019, higher trade openness predicts faster long-run convergence of real GDP per capita toward the global frontier (the United States) than industrial-policy intensity does.
trade_openness_long_run_income_convergence
partial
Trinidad and Tobago's 2008-2024 macro trajectory shows the classic hydrocarbon-dependent small-economy pattern: real GDP, fiscal balance, and current account move with global oil and gas prices, with limited non-hydrocarbon-economy diversification despite repeated policy efforts.
trinidad_tobago_oil_dependence_2008_2024
pending
Trump tariff policy 2018-2019 did not reshore US manufacturing output to a meaningful degree, and tariff incidence fell on US importers and consumers, consistent with post-Keynesian emphasis on demand-side rather than price-competition factors in trade flows.
trump_tariff_manufacturing_reshoring_effect
pending
Turkey's 1990-2023 development trajectory combined sustained real income growth, large child-mortality reductions, rising life expectancy, and a services-employment shift.
turkey_growth_health_services_shift_1990_2023
supported
Dubai Internet City and the UAE digital-state strategy were followed by near-universal internet adoption and a measurable high-tech export presence, even if the high-tech export share remains far below Singapore-style electronics hubs.
uae_dubai_internet_city_digital_adoption_2000_2024
supported
Dubai/UAE aviation, airport, and tourism policy achieved exceptional pre-COVID visitor-hub scale by Gulf standards, visible in absolute arrivals, arrivals per resident, and arrivals relative to GCC peers.
uae_dubai_tourism_aviation_hub_2015_2019
supported
The UAE diversification model reduced direct oil-rent dependence and expanded services, while still retaining hydrocarbon-export exposure.
uae_oil_rent_diversification_services_1990_2024
supported
UK Cameron-Osborne austerity 2010-2016 reduced output below the counterfactual path and failed to reduce the debt-to-GDP ratio on the government's own timeline.
uk_cameron_osborne_austerity_output_effect
partial
UK post-war nationalised industries (coal, rail, steel, gas) through 1979 achieved capital-investment rates comparable to sectoral peers in West Germany and France, falsifying the claim that public ownership categorically starves investment.
uk_nationalised_industry_investment_rates
pending
US GDP growth 1980-2020 did not absolutely decouple from territorial CO2 emissions once offshored manufacturing emissions are attributed; 'decoupling' claim dissolves under consumption-based accounting.
us_decoupling_consumption_based_accounting
supported
US WWII fiscal expansion 1941-1945 (debt reaching 106% of GDP) did not produce sustained inflation once price controls were lifted and real capacity returned, consistent with MMT's real-constraint view.
us_wwii_fiscal_expansion_inflation_aftermath
supported
Uzbekistan's 1990-2023 development trajectory combined sustained real income growth, large child-mortality reductions, rising life expectancy, and a services-employment shift.
uzbekistan_growth_health_services_shift_1990_2023
supported
Vietnam's Doi Moi 1986 reforms and subsequent export-oriented strategy replicated the East Asian developmental-state pattern and produced three decades of above-peer-region growth.
vietnam_doi_moi_developmental_pattern_growth_effect
supported
Vietnam's post-Doi Moi development path from 1990 to 2023 combined rapid real income growth, human-development gains, trade integration, and a labour-market shift toward services.
vietnam_doi_moi_growth_human_development_1990_2023
supported
Vietnam's post-Doi Moi economic growth (1986-2020) is more strongly associated with private-sector enterprise entry, trade openness, and market-oriented reforms than with state-owned-enterprise (SOE) expansion or continued state direction.
vietnam_doi_moi_private_sector_growth_share
supported
Large electricity-access expansion from 1990 to 2023 should generally coincide with positive average real GDP-per-capita growth rather than being bought at the price of stagnation.
wdi_electrification_growth_nonpenalty_1990_2023
supported
Countries with large electricity-access gains from 1990 to 2023 should usually record substantial gains in life expectancy over the same period.
wdi_electrification_life_expectancy_followthrough_1990_2023
supported
Countries with large electricity-access gains from 1990 to 2023 should usually show large under-5 mortality reductions over the same development window.
wdi_electrification_under5_mortality_followthrough_1990_2023
supported
Argentina's Asignación Universal por Hijo (AUH, October 2009 by decreto) reduced child-poverty headcount by at least 8 percentage points within four years (2009-2013), separating the cash-transfer channel from the contemporaneous commodity-boom channel via a synthetic-control of LatAm peers (BRA, COL, PER, URY) with comparable boom exposure but no AUH-scale CCT expansion in the same window.
welfare_transfer_argentina_auh_2009_child_poverty_effect
refuted
China's combined social-protection expansion — urban dibao (1999, expanded 2003) plus rural dibao (2007 universalisation) plus rural-pension scheme NRPS (2009 launch reaching 459M+ enrollees by 2013) — reduced rural extreme-poverty headcount by at least 5 percentage points within five years (2009-2014) net of growth-channel effects, identified off province-staggered NRPS rollout 2009-2012 and province-level dibao-spending intensity in panel-FE design.
welfare_transfer_china_dibao_rural_pension_2009
partial
Indonesia's PKH (Program Keluarga Harapan, conditional cash transfer launched 2007 with phased expansion to 10M+ households by 2018) and BLT/BLSM unconditional energy-subsidy compensation transfers (2005, 2008, 2013, 2014, 2022) produced complementary poverty effects, with PKH delivering long-horizon human-capital channel and BLT delivering short-horizon consumption-smoothing channel, identified off staggered PKH rollout cohorts and BLT one-shot event-windows in the panel of Indonesian provinces 2005-2022.
welfare_transfer_indonesia_pkh_blt_2007_2022
partial
The American Rescue Plan Act (March 2021) expansion of the Child Tax Credit to USD 3000-3600 per child with full refundability and monthly disbursement (July-December 2021) produced a measurable and immediate decline in monthly child-poverty rate of at least 4 percentage points (Center on Poverty and Social Policy at Columbia time-series), with the credit's December 2021 expiration producing a corresponding immediate reversal — providing high-frequency event-window evidence on near-instantaneous cash-transfer-to-poverty mechanics.
welfare_transfer_us_arpa_expanded_ctc_2021
refuted

Source publishers

oecd

Policies that moved this axis

597 policies in the library moved on this axis. Grouped by direction — this is the raw substrate for finding historical analogues of a proposed reform on sectoral subsidy.

increased · 476
India Union Budget 2026-27 manufacturing and reform package
IND·2026–2027·strong
The budget expanded electronics-component support, proposed semiconductor and biopharma packages, and created targeted manufacturing schemes.
Japan FY2026 first supplementary budget energy-price reserve
JPN·2026·moderate
Electricity, natural-gas, extra-high-voltage, and LP-gas support subsidise energy users and utilities during price shocks.
Japan FY2026 initial budget strategic-investment package
JPN·2026–2027·strong
GX, semiconductors, critical products, NEXI strategic-investment bonds, and agricultural transformation funding expand targeted industrial support.
Japan Takaichi economic-security screening and strategic-field roadmap
JPN·2026–present·moderate
The 17-field roadmap is explicitly tied to budget, tax, and public-procurement support.
Canada — Build Canada Homes programme (2025)
CAN·2025–present·moderate
Direct industrial support for Canadian prefab/modular housing manufacturers and low-cost financing targeted at affordable-housing builders.
Canada — Retaliatory tariffs on US imports (2025)
CAN·2025–present·weak
Announced earmarking of countermeasure tariff revenue to worker support and affected sectors (autos, steel, aluminium).
Czech household energy-price cap and subsidy restoration (2025)
CZE·2025–present·moderate
Budget compensation or regulated cross-subsidy supports energy consumption and suppliers.
Corporate tax reduction and Investitionsbooster (accelerated depreciation) 2025
DEU·2025–2032·weak
E-vehicle super-depreciation + targeted Forschungszulage expansions.
Sondervermögen Infrastruktur und Klimaneutralität EUR 500bn 2025
DEU·2025–2037·moderate
Climate-earmarked portion flows to sector-specific decarbonisation programmes.
Ghana 24-hour economy industrial and service-hours programme (2025)
GHA·2025–present·moderate
Targeted support to selected sectors and enabling infrastructure is a sectoral industrial-policy intervention.
Ghana cocoa-sector stabilisation and COCOBOD reform package (2025)
GHA·2025–present·moderate
Farmgate support, rehabilitation, extension, and COCOBOD balance-sheet repair are targeted agricultural-sector support.
Indonesia Prabowo B40/B50 biodiesel blending mandate
IDN·2025–present·moderate
Mandatory blending and palm-oil-fund support raise targeted support for palm-oil/biofuel producers and distributors.
Makan Bergizi Gratis (free nutritious-meal programme) 2025
IDN·2025–present·weak
Local-sourcing mandate subsidises domestic food producers and SMEs.
Japan — response to US reciprocal tariffs and July-August 2025 trade understanding
JPN·2025–present·weak
Domestic SME tariff-exposure support and energy-subsidy renewal in accompanying supplementary budget.
South Korea 2026 economic growth strategy and AI-first industrial package
KOR·2025–present·strong
AI fund, SME AI vouchers, policy lending, semiconductors, bio, defence, and cluster support expand strategic-sector subsidies.
Liberia ARREST Agenda for Inclusive Development 2025-2029
LBR·2025–2029·weak
Agriculture, roads, education, sanitation, and tourism receive explicit priority-sector treatment.
Plan México — Sheinbaum industrial policy and nearshoring framework (2025)
MEX·2025–present·moderate
Accelerated-depreciation incentives and sector plans across 13 priority sectors.
Barakah nuclear plant full four-unit commercial operation
ARE·2024·moderate
Large state-financed build via ENEC and ADQ.
Angola incremental oil and gas production incentive decree 2024
AGO·2024–present·moderate
Fiscal and contractual incentives target one resource sector and qualifying incremental production.
Zero VAT on residential PV systems up to 35 kWp 2024
AUT·2024–2025·weak
VAT zero-rating is economically equivalent to a subsidy on residential PV; replaces oversubscribed grant programme.
Future Made in Australia industrial policy — 2024
AUS·2024–present·strong
A$22.7bn decade envelope for production tax credits and co-investment.
Brazil Fuel of the Future Law 2024
BRA·2024–present·weak
The law channels regulatory and programme support toward domestic biofuel, SAF, biomethane, and CCS sectors.
Brazil Mover Green Mobility Law 2024
BRA·2024–present·moderate
The programme grants tax credits and industrial incentives to eligible automotive and mobility investments.
EU electricity market design reform 2024
AUT, BEL, BGR, HRV, CYP, CZE, DNK, EST, FIN, FRA, DEU, GRC, HUN, IRL, ITA, LVA, LTU, LUX, MLT, NLD, POL, PRT, ROU, SVK, SVN, ESP, SWE·2024–present·moderate
New direct price-support schemes for many low-carbon generation investments must use two-way CfDs or equivalent public support structures.
India — Union Budget 2024-25 (Modi third-term first full budget)
IND·2024·moderate
State-transfer allocations to Andhra Pradesh and Bihar; employment-linked incentive schemes via EPFO.
India Pli Scheme Continuation 2024 Present
IND·2024–present·weak
Continued incentive payouts tied to incremental output across 14 sectors.
India Semiconductor Mission 2024 Present
IND·2024–present·weak
Direct fiscal support of up to 50% of project cost for approved fabs and ATMP units.
India Uniform Civil Code Uttarakhand 2025
IND·2024–present·weak
Modest public outlays support new registration and adjudication infrastructure.
Japan — Regional Revitalisation 2.0 framework (2024)
JPN·2024–present·moderate
Doubled annual envelope over 10 years and new Regional Revitalisation 2.0 Grant to municipalities.
Luzon Economic Corridor (PGI flagship Philippines)
PHL·2024–present·moderate
Coordinated public investment and concessional finance directed into semiconductors, clean energy, ports and rail within a designated corridor.
Qatar Third National Development Strategy 2024-2030
QAT·2024–2030·weak
Implementation relies on targeted state programmes for AI, localised jobs, transport electrification, and diversification sectors.
Russia 2025-2027 federal budget war-economy normalization
RUS·2024–2027·moderate
Defence-procurement, industrial-capacity, and import-substitution allocations expanded targeted state support to war-linked sectors.
Rwanda Vision 2050 continuation under NST2
RWA·2024–2029·moderate
The strategy directs state investment and coordination toward selected export, infrastructure, and human-capital sectors.
Casino Entertainment Complex Bill 2025
THA·2024–present·weak
Concessionary licensing terms favour designated complex operators.
Financial Hub Bill 2025
THA·2024–present·weak
Tax holidays and reduced corporate rates subsidise designated hub firms.
Move Forward Dissolution 2024
THA·2024–present·weak
Coalition allocations channelled additional sector subsidies to political constituencies.
Julius Nyerere Hydropower Project commissioning
TZA·2024–present·strong
The state financed and coordinated a targeted electricity-generation megaproject.
UK Great British Energy Act 2025
GBR·2024–present·moderate
£8.3bn publicly-owned energy company capitalisation directs state capital into renewables.
UK National Wealth Fund launch 2024
GBR·2024–present·strong
Expanded a public investment vehicle for targeted state-backed finance in selected clean-growth and industrial sectors.
Argentina Deregulation Omnibus 2024
ARG·2023–present·moderate
RIGI created targeted tax and customs incentives for large projects in eligible investment sectors.
Housing Australia Future Fund — 2023
AUS·2023–present·weak
Affordable-housing construction subsidy pipeline.
National Reconstruction Fund Corporation Act 2023 - Australia
AUS·2023–present·strong
Capitalised a A$15 billion public investment corporation for targeted industrial and manufacturing finance.
Burundi Vision 2040 and 2060 development strategy 2023
BDI·2023–present·weak
The framework directs state coordination toward selected growth sectors including agriculture, industry, and infrastructure.
Bolivia dollar-peg defence and gold-reserve monetisation (2023-2024)
BOL·2023–present·strong
Peg + fuel subsidy combination sustained at mounting fiscal/reserve cost.
Brazil Bndes Credit Reexpansion 2023
BRA·2023–present·weak
Explicit sectoral targeting (green, semiconductors, sanitation) channelled directed subsidy to chosen industries.
Brazil Bolsa Familia 2 Relaunch 2023
BRA·2023–present·weak
Conditionality channelled benefits through education and health systems, sectorally directed transfers.
Brazil Marco Fiscal Lc200 2023
BRA·2023–present·weak
Created room within the rule for Nova Industria PT-led industrial-policy and BNDES disbursements.
Brazil Mercosur Eu Trade Deal 2024
BRA·2023–present·weak
Industrial-policy compensation envelope shields domestic auto and chemicals sectors from EU competition.
Brazil Minimum Wage Valorisation Formula 2023
BRA·2023–present·weak
Indirect subsidy to low-wage sectors via floor support, anchoring services-sector incomes.
Brazil Nova Industria 2024
BRA·2023–present·weak
Mission-based instruments concentrate subsidies on six priority verticals including bioeconomy and defence.
Brazil Tax Reform Ec132 2023
BRA·2023–present·weak
Differentiated rates create implicit subsidies for health, education, agriculture, and biofuels.
Heizungsgesetz — Gebäudeenergiegesetz amendment mandating 65% renewable heating 2023
DEU·2023–present·moderate
Heat-pump and heating-transition subsidies substantially expanded.
The Gambia recovery-focused national development plan 2023-2027
GMB·2023–2027·weak
Agriculture, tourism, infrastructure, and green-recovery sectors receive priority coordination and financing.
Greece Tempi rail disaster institutional fallout 2023-2025
GRC·2023·weak
Post-disaster rail-signalling investment programmes accelerated 2023-2024.
Smotrich Finance-Ministry control of West Bank Civil Administration 2023
ISR·2023–present·moderate
Settlement budget line expansion; infrastructure approvals accelerated.
Israel war supplementary budget (Swords of Iron) 2023–2024
ISR·2023–present·moderate
Evacuee compensation fund; northern-border reconstruction appropriations.
Iraq Development Fund 2023
IRQ·2023–present·moderate
The fund directs state-backed financing to selected sectors and project classes.
Japan — GX Green Transformation framework and GX Transition Bonds (2023-2024)
JPN·2023–present·strong
¥20tn GX Transition Bond issuance seeds ¥150tn ten-year public-private green-investment plan.
Affordable Housing Levy and Affordable Housing Act (2023-2024)
KEN·2023·moderate
Earmarked housing-sector subsidy via Affordable Housing Board.
Lesotho Highlands Water Project Phase II implementation 2023
LSO·2023–present·moderate
The project channels public resources into water-transfer and related energy infrastructure.
Ekonomi Madani framework (Malaysia, 2023)
MYS·2023–present·weak
Targeted industrial and RE subsidies under NIMP 2030 and NETR expand even as blanket fuel subsidy is wound down (latter scored separately under my_diesel_subsidy_rationalisation_20
Namibia critical-minerals beneficiation export policy 2023
NAM·2023–present·weak
Beneficiation rules target domestic processing as an industrial-policy objective for a selected sector.
Maharlika Investment Fund (Philippine sovereign wealth fund)
PHL·2023–present·moderate
Public-capital vehicle directing state-bank and BSP dividend flows toward strategic-sector equity investment; a new channel for targeted state finance.
Special Investment Facilitation Council (SIFC) (2023)
PAK·2023–present·weak
Investment-incentive packages (tax holidays, guaranteed offtake) under SIFC framework.
Swedish nuclear new-build framework and credit guarantees (2023-2024)
SWE·2023–present·moderate
Credit guarantees and state-backed financing for reactor construction.
Sierra Leone Feed Salone agricultural programme 2023
SLE·2023–present·moderate
The programme targets credit, inputs, infrastructure, and coordination toward selected agricultural value chains.
Ley de Fomento a la Innovación y Manufactura de Tecnologías (2023)
SLV·2023–present·weak
Sector-targeted tax incentives function as implicit subsidy to qualifying activities.
Eswatini National Development Plan 2023/24-2027/28
SWZ·2023–2028·weak
It directs state coordination toward priority productive and infrastructure sectors.
Thailand energy price caps — electricity, diesel, LPG (2023-2024)
THA·2023–2024·moderate
Implicit subsidy through Oil Fund deficit and EGAT receivables; diesel excise cut direct fiscal hit.
Thailand Chumphon-Ranong Land Bridge project (2023-)
THA·2023–present·weak
State-supported concession framing with indirect fiscal backing.
Thaksin Return Royal Pardon 2023
THA·2023–2024·weak
Political settlement protected and broadened Pheu Thai sector-support programmes.
Earthquake reconstruction programme (Turkey 2023-2025)
TUR·2023–2025·moderate
TOKİ subsidised housing delivery to affected households.
Vietnam chip / semiconductor industrial-policy push 2023-present
VNM·2023–present·strong
Targeted incentives for semiconductor assembly, packaging and R&D; workforce-training subsidy; land and infrastructure subsidy for industrial parks.
Zambia Lobito Corridor partnership 2023
ZMB·2023–present·weak
Public coordination and concessional finance target a specific mining-logistics corridor.
G42 sovereign AI strategy and compute buildout
ARE·2022–present·strong
State capital directed into AI, semiconductors, data-centres via G42 and Mubadala.
Cabo Verde PEDS II Ambition 2030 strategy 2022
CPV·2022–2026·moderate
The plan directs state coordination toward selected tourism, blue-economy, digital, transport, and energy sectors.
Bundeswehr Sondervermögen EUR 100bn and Zeitenwende defence spending 2022
DEU·2022–present·moderate
Domestic defence-industrial orders benefit national primes (Rheinmetall, KMW/Nexter, HENSOLDT).
LNG terminal acceleration law (LNG-Beschleunigungsgesetz) 2022
DEU·2022–present·moderate
State-chartered FSRU leasing and onshore-terminal subsidies.
Guinea Simandou framework agreement 2022
GIN·2022–present·moderate
The state coordinated project-specific rail, port, and mining infrastructure around a strategic iron-ore corridor.
Nusantara new national capital law 2022
IDN·2022–present·moderate
Tax holidays up to 30 years and land-rights concessions for private investors in IKN.
Jordan Economic Modernisation Vision
JOR·2022–2033·moderate
The vision channels state-backed initiatives into named industry, tourism, services, digital, and green sectors.
Japan — three documents and defence build-up to 2% GDP (2022)
JPN·2022–2027·moderate
Domestic defence-industry procurement support and munitions-production scaling embedded in the plan.
Japan — Economic Security Promotion Act and chip-sector subsidies (2022)
JPN·2022–present·strong
¥4tn+ chip-sector commitments plus critical-supply-chain subsidy programmes.
Latvia energy-resource price support law 2022
LVA·2022–2023·moderate
Budget-financed compensation lowered household and business energy bills during the shock.
Malta free public transport for residents 2022
MLT·2022–present·moderate
The state subsidises eligible passenger fares for the public bus system.
Namibia Green Hydrogen and Derivatives Strategy 2022
NAM·2022–present·strong
Public coordination, concessions, and infrastructure support target a new green-hydrogen industrial cluster.
Netherlands Nationaal Programma Landelijk Gebied (nitrogen buyout programme) 2022-2023
NLD·2022–2024·strong
EUR ~25bn transitiefonds envelope for farm buyouts and provincial programmes.
Electricity price support (elprisstöd) — Sweden 2022-2023
SWE·2022–2023·moderate
Sao Tome and Principe renewable energy action plan 2022
STP·2022–2030·weak
The plan directs public and donor-backed support toward renewable energy and grid investment.
Tanzania EACOP construction continuation
TZA·2022–present·moderate
Host-government agreements, land administration, and corridor infrastructure target a specific oil-export project.
Uganda Lake Albert oil and EACOP final investment decision 2022
UGA·2022–present·weak
Petroleum-project fiscal terms and state coordination target a specific extractive sector.
Uganda Parish Development Model rollout 2022
UGA·2022–present·moderate
The programme targets agricultural and microenterprise production categories with subsidised finance and inputs.
UK Levelling Up White Paper 2022
GBR·2022–2024·moderate
Levelling-up funds, freeports, Shared Prosperity Fund are explicit geographically-targeted subsidies.
UK Subsidy Control Act 2022
GBR·2022–present·weak
Lower administrative friction for public-authority subsidies; broader discretion for ministers.
CHIPS and Science Act 2022
USA·2022–2027·strong
Inflation Reduction Act 2022 — industrial policy / climate package
USA·2022–2032·strong
Zambia mineral royalty deductibility reform 2022
ZMB·2022–present·weak
A sector-specific tax preference favours mining investment relative to the general corporate base.
Barakah Unit 1 first commercial operation
ARE·2021·moderate
State-financed construction via ENEC.
Expo 2020 Dubai hosting
ARE·2021–2022·weak
Directed spend on tourism, aviation and real-estate sectors.
Eletrobras privatisation — Lei 14.182/2021
BRA·2021–2022·weak·unintended
Privatisation jabutis (thermal contracting, river-basin funds) raise long-run subsidy commitments despite privatisation headline.
France 2030 industrial-policy envelope
FRA·2021·strong
Directed sector-specific capital allocation at scale.
Greece Recovery and Resilience Plan 'Greece 2.0' 2021
GRC·2021–2026·strong
€36bn grants + loans across green/digital/skills/investment pillars; conditional on reform milestones.
Housing for All — A New Housing Plan for Ireland (2021)
IRL·2021–present·moderate
Help-to-Buy, First Home shared-equity, cost-rental, and Croí Cónaithe grants channel direct subsidy into residential construction and purchase.
Italy PNRR (Piano Nazionale di Ripresa e Resilienza) 2021
ITA·2021–2026·strong
€191.5bn NGEU envelope across six missions; largest peacetime sectoral envelope.
Overnight synthetic-fertiliser import ban / organic farming mandate (Sri Lanka 2021)
LKA·2021–2022·weak·unintended
Compensation package for yield-loss farmers Nov 2021.
Qatar North Field LNG expansion
QAT·2021–present·strong
The project is a state-owned, sector-targeted capital allocation through QatarEnergy and partner equity structures.
Togo Tinga electricity-access fund 2021
TGO·2021–present·moderate
Repayable subsidies and connection financing target the electricity-access sector.
KKM FX-protected deposit scheme (Turkey 2021)
TUR·2021–2023·strong
Implicit FX insurance borne by Treasury/CBRT; cumulative cost near TRY 1trn.
Net Zero Transition 2019 2050
GBR·2021–present·weak
Contracts-for-Difference, Renewable Heat Incentive, and EV grants direct large subsidies to low-carbon assets.
Network Charge Structure
GBR·2021–present·weak
Use-of-system charges recover billions in renewables-support obligations as quasi-fiscal subsidies.
Wholesale Market Gas Indexation
GBR·2021–present·weak
EBRS and EPG required large discretionary subsidies to insulate users from indexation pass-through.
Biden China Export Controls 2022 2023
USA·2021–2025·weak
Restrictions complemented sectoral subsidies for domestic semiconductor capacity build-out.
Biden Student Debt Relief 2022 2024
USA·2021–2025·weak
De facto subsidy to higher-education sector by socializing tuition financing risk.
Ftc Doj Merger Guidelines 2023
USA·2021–2025·weak
Implicit subsidy to small entrants by tougher review of dominant-firm acquisitions.
Infrastructure Investment and Jobs Act 2021 (Bipartisan Infrastructure Law)
USA·2021–2026·moderate
Ira 2022
USA·2021–2024·weak
Authorized hundreds of billions in clean-energy and EV production/investment tax credits.
Nlrb Cemex Joint Employer 2022 2024
USA·2021–2025·weak
Implicit subsidy to organized-labor sector via reduced certification friction.
Zimbabwe National Development Strategy 1 2021-2025
ZWE·2021–2025·weak
The plan targeted priority sectors including agriculture, mining, manufacturing, and infrastructure for state coordination and support.
HomeBuilder construction grant — Australia 2020
AUS·2020–2021·moderate
Targeted grant to residential-construction sector; ~A$2.5bn program.
Technology Investment Roadmap — Australia 2020
AUS·2020–2022·moderate
A$20bn Commonwealth co-investment envelope via ARENA/CEFC/CER.
Benin Glo-Djigbe Industrial Zone buildout 2020
BEN·2020–present·moderate
Dedicated infrastructure, fiscal facilitation, and public-private support target selected export-processing sectors.
Arce universal fuel-subsidy maintenance (Bolivia, 2020-)
BOL·2020–present·strong
Universal fuel price subsidy sustained at rising fiscal and FX cost.
Germany Kohleausstieg (coal phase-out law, 2020)
DEU·2020–2038·moderate
€40bn structural-aid to coal regions; operator compensation.
Danish Climate Act 2020 (Klimaloven — 70% by 2030)
DNK·2020–present·moderate
Green transition funds and renewables subsidies expanded to support the target.
Jokowi nickel ore export ban 2020
IDN·2020–present·strong
Below-world-price ore feedstock is a de facto subsidy to domestic smelter operators, plus tax holidays for smelter FDI.
Israel-Pfizer vaccine data-for-supply deal
ISR·2020–2021·weak
Public procurement priority payments.
Italy COVID emergency fiscal decrees (Cura Italia, Rilancio, Ristori) 2020-2021
ITA·2020–2021·strong
SME credit guarantees up to €400bn envelope; sectoral Ristori grants.
Italy Superbonus 110% building-efficiency tax credit 2020
ITA·2020–2024·strong
Construction-sector credit at 110% face value with market-liquid cessione; cumulative fiscal cost ~€220bn through 2024.
Japan — Green Growth Strategy and Green Innovation Fund (2020)
JPN·2020–present·moderate
¥2tn Green Innovation Fund seeds 14 priority industries with multi-year NEDO-administered project subsidies.
Luxembourg climate law and carbon tax 2020-2021
LUX·2020–present·weak
Carbon-tax revenue was paired with climate and social-compensation measures within the green transition package.
Luxembourg nationwide free public transport 2020
LUX·2020–present·moderate
Passenger fares for standard public transport were replaced by tax-financed operating support.
Tren Maya inter-city rail project (Mexico)
MEX·2020–2024·strong
COVID-19 fiscal response package
NOR·2020–2021·moderate
Aviation, culture, and 2020 petroleum-uplift enlargement are sector-specific supports.
Togo 2025 government roadmap 2020
TGO·2020–2025·moderate
Priority projects channel state coordination and financing toward selected logistics, social, energy, and industrial sectors.
CARES Act and COVID-era federal fiscal response 2020
USA·2020–2021·moderate
PPP + airline support + corporate liquidity facility are large targeted sectoral interventions.
Precios Cuidados / Precios Justos price-control regimes (2019-2023)
ARG·2019–2023·moderate
Tariff freezes increased implicit energy subsidies.
Plan Comores Emergent 2030
COM·2019–2030·moderate
It prioritizes selected sectors such as tourism, fisheries, agriculture, energy, and infrastructure.
Cbam 2023
DEU, FRA, ITA, ESP, NLD, BEL, POL, SWE, IRL, AUT·2019–present·weak
Mechanism is paired with continued free ETS allowances and EU steel/aluminium decarbonisation grants.
Climate Neutrality Law 2021
DEU, FRA, ITA, ESP, NLD, BEL, POL, SWE, IRL, AUT·2019–present·weak
Trajectory drives Just Transition Fund allocations and Innovation Fund disbursements to clean tech.
Ets Phase4 2021
DEU, FRA, ITA, ESP, NLD, BEL, POL, SWE, IRL, AUT·2019–present·weak
Innovation Fund and Modernisation Fund recycle auction revenues into clean-tech deployment grants.
Net Zero Industry Act 2024
DEU, FRA, ITA, ESP, NLD, BEL, POL, SWE, IRL, AUT·2019–present·weak
Supports state aid and Innovation Fund routes for strategic-project investment in the EU.
Red Iii 2023
DEU, FRA, ITA, ESP, NLD, BEL, POL, SWE, IRL, AUT·2019–present·weak
Member states must channel auctions, contracts-for-difference, and aid schemes to renewables targets.
Dos Bocas / Olmeca refinery construction (Mexico)
MEX·2019–2024·strong
~USD 17-20bn direct public capex allocated to Pemex downstream.
Sembrando Vida agro-forestry cash transfer (Mexico)
MEX·2019–present·weak
Agro-forestry subsidy channel.
Zealand Agricultural Methane Levy Design 2022 2024
NZL·2019–present·weak
Levy revenue was earmarked for R&D grants and on-farm mitigation technology subsidies.
Zealand Climate Commission 2019
NZL·2019–present·weak
Recommendations on transition support shape budget-line subsidies for low-emission technology and adaptation grants.
Zealand Ets Reform 2020
NZL·2019–present·weak
Auction revenue and industrial-allocation reform reshaped fiscal flows to emissions-intensive trade-exposed firms.
Zealand Zero Carbon Act 2019
NZL·2019–present·weak
Adaptation- and emissions-reduction-plan funding routed Crown spending toward designated transition activities.
Nigeria land-border closure (Operation Swift Response)
NGA·2019–2020·weak
Implicit protection transfer to domestic rice / poultry producers.
Netherlands Klimaatakkoord + Klimaatwet 2019
NLD·2019·strong
SDE++ framework became largest Dutch sectoral subsidy programme; heat-pump and EV incentives layered on.
Netherlands stikstofcrisis — PAS annulment response 2019-2021
NLD·2019–2021·moderate
Voluntary farm-buyout and innovation-subsidy envelopes launched.
Rice Tariffication Act (RA 11203)
PHL·2019·weak
RCEF earmarked ₱10bn/yr in tariff revenue to domestic rice-sector productivity investments (offset to liberalisation).
Naya Pakistan Housing — low-cost mortgage markup subsidy (2019)
PAK·2019–2022·moderate
Markup-subsidy for housing + construction package tax amnesty.
Saudi Aramco partial IPO
SAU·2019·moderate
IPO proceeds cycled into PIF for sector-targeted industrial investments.
Eswatini Energy Masterplan 2034 renewables framework
SWZ·2018–2034·weak
The plan guides public and regulated investment toward electricity and renewable-energy infrastructure.
Seychelles sovereign blue bond 2018
SYC·2018–present·weak
The structure channels concessional financing and grants toward blue-economy firms and fisheries management.
Thailand 20-Year National Strategy 2018-2037
THA·2018–2037·weak
Strategy includes targeted S-curve industry and EEC support ambitions translated into BOI incentives.
Thailand Eastern Economic Corridor Act (2018)
THA·2018·moderate
Stackable 15-year tax holidays + BOI incentives for target S-curve industries.
Section 232 Tariffs 2018
USA·2018–2019·weak
Tariff protection acted as implicit subsidy to domestic steel and aluminum producers.
Section 301 China Tariffs 2018
USA·2018–2019·weak
Subsequent USDA Market Facilitation Programme provided USD 28 billion in offsetting farm subsidies.
Trump-era tariffs 2018-2019
USA·2018–2019·moderate
De facto subsidy to domestic steel/aluminum via protection.
Beschaeftigungsbonus employment-bonus subsidy 2017
AUT·2017–2018·moderate
Targeted wage subsidy on marginal hire.
Plan A investment and modernisation package 2017
AUT·2017·weak
Digital and R&D subsidies expanded.
Snowy 2.0 pumped-hydro approval — Australia 2017
AUS·2017–present·weak
Commonwealth equity recapitalisation of Snowy Hydro Limited for pumped-hydro expansion.
YLB state-led lithium industrialisation (Salar de Uyuni)
BOL·2017–present·moderate
Large state capital investment in YLB industrial complexes.
Capi hnizdo (Stork Nest) EU-subsidy case 2017-2021
CZE·2017–2021·weak·unintended
Documented Agrofert-directed subsidy flows.
Italy Minniti Libya migration pact + NGO code of conduct
ITA, LBY·2017–2018·weak
Italian/EU funding of Libyan coast-guard and reception infrastructure.
Italy Veneto banks resolution (Popolare Vicenza + Veneto Banca)
ITA·2017–2019·moderate
~€5.4bn capital + ~€12bn guarantees to support transfer to Intesa.
Big Four Agenda (Dec 2017)
KEN·2017–2022·moderate
Targeted manufacturing and housing incentives; tax breaks for affordable-housing developers.
KiwiBuild affordable-housing programme 2017
NZL·2017–present·weak
Underwriting and subsidy for affordable housing supply; modest realised scale.
'Build Build Build' infrastructure programme
PHL·2017–2022·moderate
Targeted state investment in transport, irrigation, flood control and regional airports represents a large directed public-capital programme.
Made in Rwanda industrial policy
RWA·2017–present·moderate
State support, procurement preference, and supplier-development programmes target selected domestic producers.
NEOM giga-project announcement
SAU·2017–present·strong
State-directed mega-capex into greenfield city and associated industries.
Credit Guarantee Fund (KGF) expansion (Turkey 2017)
TUR·2017·strong
Guarantee fee below market risk premium is an implicit subsidy; TRY 250bn scale.
UK Grenfell Tower fire response and building-safety reform
GBR·2017–2022·weak
Cladding remediation funding expanded over time.
UK Industrial Strategy White Paper 2017
GBR·2017–2021·moderate
Sector deals + Industrial Strategy Challenge Fund £4.7bn.
UPM-2 Pulp Mill Investment Contract and Ferrocarril Central (Uruguay 2017-2023)
URY·2017–2023·moderate
~US$1bn rail + port co-investment and tax-free-zone regime anchored to a single private investor.
Hawassa Industrial Park inauguration
ETH·2016·moderate
Land, infrastructure, tax holidays concentrated in park tenants.
India Demonetisation 2016
IND·2016–2017·weak
Spurred subsidies and incentives for digital-payment merchants and BHIM/UPI platform adoption.
Vision 2030 programme launch
SAU·2016–present·strong
Giga-project and PIF industrial subsidy flows into tourism, entertainment, EV, defence manufacturing.
Made in China 2025 (中国制造2025)
CHN·2015–present·strong
Guidance-fund apparatus + IC Big Fund + NEV subsidies + directed state-bank credit.
Growth and Transformation Plan II (GTP II)
ETH·2015–2020·strong
Industrial-park subsidies and SOE capex.
CBN Anchor Borrowers' Programme
NGA·2015–2023·moderate
Interest-subsidised agri-credit at below-market rates.
China-Pakistan Economic Corridor — Phase 1 launch (2015)
PAK·2015–2020·strong
IPP capacity payments under sovereign guarantees; concessional-rate debt sub-sovereign.
Thailand 4.0 and BOI investment-incentive push (2015-2023)
THA·2015–2023·strong
Per-vehicle EV subsidies; S-curve BOI incentive stack.
Padma Multipurpose Bridge — self-financed infrastructure mega-project
BGD·2014–2022·weak
Implicit infrastructure subsidy to south-west region.
Djibouti Vision 2035 logistics strategy 2014
DJI·2014–2035·moderate
State finance and guarantees were concentrated in logistics, port, rail, and trade-service sectors.
Raw-mineral ore export ban 2014
IDN·2014–present·moderate
De facto subsidy to domestic smelters via below-world-price ore feedstock.
India Citizenship Amendment Act 2019
IND·2014–2024·weak
Newly naturalised beneficiaries become eligible for sectoral support (e.g., MSME credit-guarantee schemes).
India Farm Laws 2020 Repealed 2021
IND·2014–2024·weak
After repeal, the government compensated by expanding MSP procurement and farm-input subsidies.
India National Education Policy 2020
IND·2014–2024·weak
Liberalised CSR-eligible education spending and extended PRASHAD-style infrastructure grants.
India Pli Scheme 2020
IND·2014–2024·weak
Direct cash subsidy on incremental sales is the core mechanism of PLI.
India Rera 2016
IND·2014–2024·weak
inherited from enacting movement 'india_modi_first_second_term_2014_2024' (policy-level detail pending).
Italy Jobs Act (Law 183/2014 + delegated decrees)
ITA·2014–2016·weak
Three-year SSC exemption ~€18bn fiscal cost 2015-2018.
Standard Gauge Railway Phase 1 Mombasa-Nairobi (opened May 2017)
KEN·2014–2017·moderate
Cargo directive functioned as implicit rail subsidy via freight-mode mandate.
Mozambique Rovuma LNG special regime 2014
MOZ·2014–present·moderate
Project-specific fiscal, customs, and infrastructure treatment targeted the Rovuma gas sector.
Russian counter-sanctions food-import ban 2014
RUS·2014–2024·moderate
De-facto sector protection and import-substitution subsidy to domestic producers.
Montes del Plata pulp mill and forestry-export anchor
URY·2014·weak
Free-trade-zone regime + infrastructure support for pulp-mill cluster.
Greece systemic-bank recapitalisation via HFSF 2013-2014
GRC·2013–2014·strong
€25bn public-capital injection into banking sector; implicit subsidy via CoCo structure and guarantee framework.
Italy Decreto del Fare simplification (2013)
ITA·2013–2014·weak
SME-credit guarantee fund top-up; infrastructure co-funding.
Italy Youth Guarantee implementation
ITA·2013–2016·weak
€1.5bn targeted active-labour-market spend on NEET cohort.
Park Creative Economy Centres 2014
KOR·2013–2017·weak
Direct grants and tax credits supported tenant start-ups in each centre's focus industry.
Park Public Sector Performance Wage 2016
KOR·2013–2017·weak
SOEs implementing reforms received budget rewards via MOSF performance-evaluation incentives.
Park Thaad Deployment 2016
KOR·2013–2017·weak
Tourism, cosmetics and entertainment sectors received targeted support to offset losses.
Anti Corruption Campaign 2012
CHN·2012–present·weak
Movement-aligned industrial-policy spending grew as the campaign reasserted central control.
Belt And Road 2013
CHN·2012–present·weak
State-bank lending at concessional rates functioned as cross-border subsidy to construction and energy firms.
Housing Rescue Measures 2024
CHN·2012–present·weak
PBOC relending and central transfers functioned as fiscal subsidies to the property sector.
Platform Crackdown 2020
CHN·2012–present·weak
State-favoured 'hard tech' sectors received industrial-policy support diverted from platform sector.
Three Child Policy 2021
CHN·2012–present·weak
Local-government child-bearing subsidies and tax credits for families with children expanded.
Carbon Tax Repeal (2014)
AUS·2011–2014·moderate
Repeal substituted a reverse-auction subsidy (ERF) for the price instrument; fiscal-channel climate intervention persisted.
Australia Clean Energy Act 2011
AUS·2011–2014·weak
Clean Energy Finance Corporation and free permits for emissions-intensive trade-exposed sectors.
Australia Emissions Reduction Fund 2014
AUS·2011–2014·weak
AUD 2.55 billion appropriation funded reverse-auction payments to eligible emissions-reduction projects.
Australia Safeguard Mechanism 2016
AUS·2011–2014·weak
Carryover of free-allocation features and offset-flexibility provisions effectively subsidised covered facilities.
IPI auto-sector tax holidays and Inovar-Auto programme
BRA·2011–2017·moderate
Targeted auto-sector IPI cuts + Inovar-Auto tax incentives.
Nova Matriz Econômica — Dilma heterodox policy mix
BRA·2011–2014·moderate
IPI holidays + desoneração da folha + BNDES subsidised credit.
Grand Ethiopian Renaissance Dam launch
ETH·2011–present·strong
Massive state-financed energy megaproject.
Germany Atomgesetz 13Th Amendment 2011
DEU·2011–2022·weak
Decommissioning created public liability and renewable substitution subsidies under the EEG.
Energiewende — post-Fukushima nuclear phase-out + renewable-energy acceleration
DEU·2011–present·strong
EEG subsidies financed by a surcharge on retail electricity bills; additional direct subsidies for grid and offshore wind.
Germany Ethik Kommission Sichere Energieversorgung 2011
DEU·2011–2022·weak
Commission flagged need for transition subsidies to renewables and grid expansion.
Japan Feed-in Tariff (FIT) law for renewable electricity 2011
JPN·2011–2012·strong
Cross-subsidy funded by electricity surcharge transferred to renewable generators.
Switzerland Energiegesetz 2016
CHE·2011–present·weak
KEV/EVS feed-in tariffs financed by the grid surcharge subsidise renewable generation.
Switzerland Energy Strategy 2050
CHE·2011–present·weak
Building retrofit and renewable subsidies funded via the network surcharge.
Switzerland Nuclear New Build Ban 2017
CHE·2011–present·weak
Ban shifts public support toward renewables expansion under the KEV/EVS framework.
Yingluck Amnesty Bill 2013
THA·2011–2014·weak
Linked to broader Pheu Thai expansionary programme of producer-side subsidies.
Yingluck First Car Buyer Rebate 2011 2012
THA·2011–2014·weak
Excise rebates provided direct subsidy to domestic automakers and dealers.
Yingluck Minimum Wage 300 Baht 2012
THA·2011–2014·weak
Cushioning subsidies to SMEs were rolled out to offset minimum-wage cost shock.
Thailand rice-pledging scheme 2011-2014
THA·2011–2014·strong
Large off-market price support with cumulative losses ~THB 500-700bn.
Quick Enhancement of Electricity and Energy Supply (Special Provisions) Act 2010
BGD·2010·strong
Capacity payments to idle rental plants exceeded BDT 1tn cumulatively.
CAE state-guaranteed student loan consolidation
CHL·2010–2012·weak
Interest-rate subsidy + income-contingent repayment cap.
Growth and Transformation Plan I (GTP I)
ETH·2010–2015·strong
Explicit sector targets with state-led investment.
Corporate Tax Cut 2017
HUN·2010–2022·weak
Sectoral subsidies (housing, family, automotive FDI) accompanied the tax-cut framework.
Mnb Unorthodox Funding For Growth 2013 2020
HUN·2010–2022·weak
Programme channelled directed subsidy to SME sector via capped lending rates.
Pension Nationalisation 2010
HUN·2010–2022·weak
Recovered assets cross-financed family-policy and mortgage support sectoral subsidies.
Sectoral Bank Telecom Retail Taxes 2010 2014
HUN·2010–2022·weak
Domestic incumbents and SMEs received exemptions and effective subsidies versus taxed multinationals.
Stop Soros Law 2018
HUN·2010–2022·weak
Channelled state support to government-aligned civic organisations replacing penalised foreign-funded NGOs.
Skolkovo Innovation Centre 2010
RUS·2010·moderate
Targeted R&D subsidy via special-zone tax regime and Foundation grants.
Home Insulation Programme (Pink Batts)
AUS·2009–2010·moderate
Direct subsidy of residential retrofits as green-stimulus vehicle.
Canada — Economic Action Plan 2009 stimulus package
CAN·2009–2011·moderate
C$13.7B auto-sector bailout; accelerated CCA for manufacturing equipment.
Italy Tremonti-ter accelerated-depreciation incentive
ITA·2009–2010·weak
Targeted to specific machinery categories; sector-selective.
Slovak scrappage scheme and crisis response 2009
SVK·2009·moderate
Automotive-sector demand support via scrappage premium.
GM + Chrysler managed bankruptcies and federal rescue
USA·2009·moderate
Auto-sector direct capital support USD 80bn.
Vietnam global-financial-crisis stimulus 2009
VNM·2009–2010·moderate
Interest-rate subsidy scheme targeted at working capital across prioritised sectors.
Brazil GFC countercyclical — BNDES + IPI cuts + Minha Casa Minha Vida
BRA·2008–2010·moderate
IPI holidays + BNDES TJLP credit expansion targeted autos + housing + capital goods.
Four-Trillion-Yuan Stimulus (四万亿) 2008-2010
CHN·2008–2010·moderate
Strategic emerging industries and technology upgrading components.
Germany Konjunkturpaket I+II GFC stimulus (~€80bn)
DEU·2008–2010·moderate
Abwrackprämie auto subsidy; infrastructure targeted to specific sectors.
Germany Kurzarbeit expansion during GFC
DEU·2008–2010·moderate
Wage-bill subsidy disproportionately benefited manufacturing/auto.
Spain Plan E fiscal stimulus (2008-2009)
ESP·2008–2009·moderate
Scrappage bonus, infrastructure, R&D, environmental spend.
Plan de relance — 2008-2009 crisis response
FRA·2008–2010·weak
Automotive and construction sectoral support.
Italy Alitalia CAI restructuring (2009)
ITA·2008–2015·moderate
~€4bn direct state support; Cassa Integrazione for redundant staff.
Asō cabinet GFC-response supplementary budgets 2008-2009
JPN·2008–2009·moderate
Eco-car / eco-point durable-goods subsidies.
Kenya Vision 2030 launch
KEN·2008–2030·weak
Flagship industrial-policy and technology-park subsidies.
Klimaforliket — cross-party climate settlement
NOR·2008–present·moderate
Commitments to CCS development at Mongstad and renewable R&D are sector-targeted supports.
Euro 2012 infrastructure programme
POL·2008–2012·moderate
Infrastructure and construction-sector support; EU-fund absorption intensified.
Papua New Guinea LNG project agreement 2008
PNG·2008–present·weak
Fiscal concessions and infrastructure commitments supported project economics.
Russian GFC Reserve Fund drawdown 2008-2009
RUS·2008–2011·moderate
VEB refinancing and state-firm bailouts.
Programa de Aceleração do Crescimento (PAC I and II)
BRA·2007–2014·weak
BNDES TJLP subsidised lending footprint expanded via PAC financing.
Mehr housing programme
IRN·2007–2013·moderate
Land and credit subsidies to housing construction.
Aso Eco Car Eco Point Subsidy 2009
JPN·2007–2009·weak
Auto and consumer-electronics manufacturers received de facto demand subsidies for compliant products.
Aso Teigaku Cash Handout 2009
JPN·2007–2009·weak
Spillover spending favoured retail and consumer-services sectors as ad hoc demand support.
Boj Gfc Rate Cuts Jgb Purchases 2008 2009
JPN·2007–2009·weak
CP/corporate-bond purchases functioned as targeted credit support to manufacturing and finance.
Malaysia regional-corridor development plans (2007-2008)
MYS·2007–2010·moderate
Corridor-specific tax incentives and infrastructure capex; regional-development authorities with budget autonomy.
RUT and ROT household-services tax deductions 2007-2008
SWE·2007·moderate
Targeted labour subsidy to household services and construction.
DP World P&O acquisition and global ports expansion
ARE·2006·moderate
State-backed champion acquisition with sovereign balance-sheet support.
Bolivia Hydrocarbons Nationalisation 2006
BOL·2006–2019·weak
State-controlled YPFB subsidised domestic gas pricing for industrial and household users.
Bolivia Minimum Wage Increases 2006 2019
BOL·2006–2019·weak
Public-sector wage-bill increases functioned as implicit fiscal subsidy to formal employment.
Bolivia New Constitution 2009
BOL·2006–2019·weak
Authorised expanded public investment in strategic sectors and cooperative subsidies.
Bolivia Renta Dignidad 2008
BOL·2006–2019·weak
Pension is funded out of earmarked hydrocarbon and SOE-dividend revenues, channelling sectoral rents to households.
Bolivia Ypfb Industrialisation
BOL·2006–2019·weak
Treasury and IDH transfers were used to capitalise YPFB's downstream and lithium investment programme.
California Ab1279 2022
USA·2006–present·weak
Implementation pulls forward state Greenhouse Gas Reduction Fund spending on clean technology.
California Ab32 2006
USA·2006–present·weak
Created framework for Greenhouse Gas Reduction Fund spending on clean technology and EJ communities.
California Advanced Clean Cars Ii 2022
USA·2006–present·weak
Pulls forward CVRP and CARB charging-infrastructure spending to support ZEV ramp.
California Cap And Trade 2012
USA·2006–present·weak
Auction revenue funds GGRF transit, housing, and EJ-community climate spending programmes.
California Sb100 2018
USA·2006–present·weak
Channels ratepayer-funded procurement toward solar, wind, geothermal, and storage developers.
California Sb253 Sb261 2023
USA·2006–present·weak
Implementation costs concentrated on emissions-accounting and ESG-compliance verification industry.
California Sb32 2016
USA·2006–present·weak
Companion AB 1550 directed at least 25% of GGRF spending to disadvantaged communities.
Malaysia Iskandar Malaysia (Iskandar Development Region, 2006)
MYS·2006–2025·moderate
IDR tax incentives (10-year income-tax exemption for qualifying activities), infrastructure capex, corridor-development subsidies.
Malaysia Ninth Malaysia Plan 2006-2010
MYS·2006–2010·moderate
Five regional-corridor frameworks plus mega-project capex deployment.
Vietnam 'economic groups' SOE expansion (Vinashin / Vinalines era)
VNM·2006–2013·strong
Directed credit, cross-guarantees and implicit sovereign support for state economic groups.
ADLI doctrine consolidation (agriculture-first developmental state)
ETH·2005–2010·moderate
Fertiliser, extension, and cooperative subsidies.
India Bharat Nirman rural-infrastructure programme (2005-2012)
IND·2005–2012·strong
Rs 1.74 lakh crore (Phase-I) multi-sector rural-infrastructure programme.
National Priority Projects 2005
RUS·2005·strong
Large earmarked cross-sector subsidy programmes.
Botnia/UPM Fray Bentos pulp mill + Argentine trans-border dispute
URY, ARG·2005–2010·weak
Zona Franca Nueva Palmira + tax-holiday regime for forestry exports.
Emirates airline global hub expansion
ARE·2004–2014·moderate
Sovereign-backed national champion in aviation.
Rosneft absorption of Yuganskneftegaz 2004
RUS·2004·moderate
State-champion consolidation in oil.
Belgium Doel4 Tihange3 Extension 2023
BEL·2003–present·weak
EUR 15 billion liability cap on decommissioning-fund obligations transferred residual risk to the state.
Belgium Nuclear Phaseout Law 2003
BEL·2003–present·weak
Need for replacement firm capacity drove subsequent CRM and renewables-support obligations on the state.
Belgium Nuclear Repeal 2025
BEL·2003–present·weak
New-build economics likely require state-backed contracts-for-difference or capacity payments.
Belgium Tihange1 Extension 2015
BEL·2003–present·weak
EUR 700 million rente nucléaire payment offset Treasury shortfall but added regulatory transfer flow.
Nokia peak-era industrial and R&D policy 2003-2007
FIN·2003–2007·weak
Tekes R&D subsidy programmes expanded.
Yukos affair — Khodorkovsky arrest and Yuganskneftegaz 2003-2004
RUS·2003–2004·moderate
Rosneft absorbed Yukos's best fields, enabling state-champion oil consolidation.
PDVSA autonomy loss + upstream nationalisation 2003-2007
VEN·2003–2007·strong
PDVSA revenue redirected to social missions via parallel-budget routing.
Eurofighter Typhoon procurement 2002
AUT·2002·weak
Offset-deal industrial participation counted as implicit sectoral support.
Renten-Riester pension reform
DEU·2001·weak
State matching grants and tax relief for certified Riester products.
Special Savings Incentive Accounts (SSIA)
IRL·2001–2007·moderate
25% state grant on household savings — major transfer-to-savers subsidy.
Japan e-Japan Strategy 2001
JPN·2001–2005·weak
Public procurement and fibre-infrastructure support targeted IT sector.
Thailand One Tambon One Product (OTOP, 2001)
THA·2001–2006·weak
Rural-enterprise marketing and certification support; linked to Village Fund microfinance.
35-hour working week — Aubry Laws 1998 / 2000
FRA·2000·weak
Companion measures reduced employer social contributions to offset cost impact.
Greece CSF III Community Support Framework 2000-2006
GRC·2000–2006·strong
Massive multi-year sectoral-investment transfers.
Lakastamogatas housing-loan subsidy scheme 2000
HUN·2000–2003·moderate
State-subsidised housing-credit market.
Thailand small-farmer debt moratorium (2000-2001)
THA·2000–2001·weak
BAAC credit-subsidy fiscal cost ~Bt 10bn over three-year period.
India Golden Quadrilateral / National Highways Development Project (1999)
IND·1999–2012·moderate
Infrastructure Capex programme with dedicated cess funding.
Cyber-Korea 21 broadband-infrastructure programme (1999)
KOR·1999–2002·moderate
$11bn coordinated public-private investment in broadband backbone and apartment-density certification.
Investment Incentives Act 1998
CZE·1998·moderate
Tax-holiday and grant package for greenfield FDI.
Lois Aubry — 35-hour statutory working week
FRA·1998–2000·moderate
Large social-contribution rebates to employers on low wages to offset costs.
France Aubry 35-hour working-week laws
FRA·1998–2000·weak
Social-contribution exonerations for compliant firms.
Indonesia Bank Restructuring Agency (IBRA/BPPN) programme (1998-2004)
IDN·1998–2004·strong
~Rp 650tn bank recapitalisation bond stock; fiscal cost of crisis ~50% of GDP.
Japan Financial Revitalisation Act 1998
JPN·1998·strong
LTCB and NCB nationalisations; ¥7.5tn public-fund injection to 15 major banks.
Japan ¥30tn financial-stabilisation package (February 1998)
JPN·1998·moderate
Public-fund capacity for bank recapitalisation created explicit sectoral support.
Obuchi-era supplementary stimulus packages 1998-1999
JPN·1998–1999·moderate
Public-works share heavy (roads, telecoms, rural infrastructure).
Thailand FIDF bank recapitalisation programme (1998)
THA·1998–2000·strong
FIDF bond stock ~Bt 1.4tn ~25% of GDP absorbed bank-sector losses.
Greece Athens 2004 Olympics infrastructure programme
GRC·1997–2004·strong
Major state capital investment in transport and Olympic infrastructure.
Pakistan Motorway M-2 Lahore-Islamabad (1997)
PAK·1997·weak
~$1.2bn infrastructure capex (BOT); sovereign-guarantee support for concession.
Thailand finance-company suspensions (1997)
THA·1997·strong
FIDF bond absorption ~Bt 1.4tn crystallised as public debt.
Malaysia Multimedia Super Corridor initiative 1996
MYS·1996–present·strong
MSC-status tax pioneer + infrastructure subsidy; Cyberjaya build-out.
Slovak bank-sector NPL accumulation 1996-1998
SVK·1996–1998·moderate
Implicit subsidies via concessional state-bank loans.
Emirates Airline expansion 1995-2004
ARE·1995–2004·moderate
Government of Dubai equity capitalisation and airport access model.
Belarus state-enterprise retention model
BLR·1995–present·moderate
State firms received directed support through budgets, banks, and administered inputs.
Finnish Tekes and innovation-policy expansion 1995-2003
FIN·1995–2003·moderate
R&D-support funding roughly doubled.
Portugal Expo '98 Lisbon infrastructure programme
PRT·1995–1998·moderate
Major state capital investment in transport and urban infrastructure.
Greece CSF II Community Support Framework 1994-1999
GRC·1994–1999·strong
Major multi-year sectoral-investment transfer.
Ireland EU Structural Funds CSF 1994-1999
IRL·1994–1999·strong
Large multi-year sectoral investment transfers.
Italy Pacchetto Tremonti 1994 — investment tax relief
ITA·1994·weak
Incremental investment eligible — cross-sectoral supply-side subsidy via tax.
Pakistan 1994 Power Policy — Independent Power Producers framework
PAK·1994·moderate·unintended
Government take-or-pay guarantees implied contingent subsidies.
Danish flexicurity labour-market reform 1993-1994
DNK·1993–1999·moderate
ALMP training + activation budget.
Ethiopia Gerd Project 2011
ETH·1991–2018·weak
State financed dam construction via bonds, payroll deductions, and direct public-sector outlays.
Ethiopia Gtp Plan 2010
ETH·1991–2018·weak
GTP directed state-bank credit and treasury allocations to priority manufacturing and agribusiness.
Ethiopia Industrial Parks 2014
ETH·1991–2018·weak
State financed park infrastructure and offered tax holidays plus subsidised utilities to tenants.
Ethiopia Land Use Rights Regime 1995
ETH·1991–2018·weak
Below-market state lease rates effectively subsidised investors granted plantation and park access.
Ethiopia State Owned Banking Regime
ETH·1991–2018·weak
State banks lent at directed terms to priority sectors and absorbed the implicit credit subsidy.
Malaysia Wawasan 2020 Vision announcement 1991
MYS·1991·moderate
Framework mandated sustained industrial-policy/sectoral commitment.
Treuhandanstalt east-German privatisation 1990-1994
DEU·1990–1994·moderate
Implicit subsidies via below-market sale prices and restructuring aid.
Plan de Economía Social 1987-1990 (Colombia)
COL·1987–1990·weak
Rural development transfers.
Sixth National Economic and Social Development Plan (Thailand 1987-1991)
THA·1987–1991·moderate
Eastern Seaboard heavy-industrial and port infrastructure.
Kenya Nyayo Tea Zones Development Corporation 1986
KEN·1986·weak
State-enterprise founding with political appointments.
Portugal EEC accession 1 January 1986
PRT·1986·moderate
Structural-funds inflow financing sectoral investment.
Spain AVE Madrid-Seville high-speed rail 1992
ESP·1986–1992·moderate
Major state capital investment in new rail infrastructure.
Spain EEC accession (January 1986)
ESP·1986·moderate
Structural Funds and CAP transfers inward.
Vietnam Enterprise Law 1999
VNM·1986–present·weak
Embedded selective tax incentives for newly registered firms in priority sectors and locations.
Vietnam Resolution 10 1988
VNM·1986–present·weak
State-supplied fertiliser and credit redirected to contract-household producers rather than collective administration.
Vietnam Soe Equitisation 1992 Present
VNM·1986–present·weak
Reduced reliance on state-bank soft-loan subsidies and treasury transfers to legacy SOE sector.
Vietnam Us Bta 2001
VNM·1986–present·weak
Triggered SEZ and FDI-incentive expansion to capture export-oriented manufacturing investment.
Vietnam Wto Accession 2007
VNM·1986–present·weak
Required elimination of trade-distorting export subsidies and reform of remaining sectoral support.
Proton Saga national car launch (Malaysia 1985)
MYS, JPN·1985·strong
Differential excise duty + import tariff protection + policy-loan financing.
Rice self-sufficiency (Indonesia 1984)
IDN·1984·strong
Fertiliser subsidies, BULOG floor prices, credit support.
Centre for Development of Telematics (C-DOT) establishment (India 1984)
IND·1984·weak
Public R&D funding for indigenous telecom equipment.
Greece OAE — Organismos Anasygkrotisis Epicheiriseon (Law 1386/1983)
GRC·1983–1995·moderate
Implicit subsidy via state absorption.
BOI export-oriented tax-holiday regime expansion (Thailand 1983)
THA·1983–1987·moderate
Targeted investment-promotion subsidies via BOI pipelines.
Strategic Defense Initiative (SDI) announcement (23 March 1983)
USA·1983–1993·moderate
Large directed R&D funding to defence contractors.
Caracas Metro commissioning (Venezuela, 1983)
VEN·1983–1988·weak
Bangladesh Bonded Warehouse Back To Back Lc Regime
BGD·1982–present·weak
Bonded-warehouse duty exemption operates as an implicit fiscal subsidy to the export sector.
Bangladesh Epz Act 1980
BGD·1982–present·weak
5-10 year tax holidays and duty exemptions inside zones constituted explicit fiscal incentives.
Bangladesh Grameen Bank Ordinance 1983
BGD·1982–present·weak
Tax exemptions and concessional refinance lines effectively subsidised microcredit operations.
Bangladesh Imf Ecf 2023
BGD·1982–present·weak
RSF window earmarks concessional climate-related financing alongside energy-subsidy reform.
Bangladesh New Industrial Policy 1982
BGD·1982–present·weak
Provided cash incentives and tax holidays to export-oriented industrial undertakings.
Look East Policy (Malaysia 1982)
MYS, JPN, KOR·1982–2003·moderate
Subsidised placements and Japan-sourced soft loans for heavy industry.
Eastern Seaboard Development Programme (Thailand 1982)
THA, JPN·1982–1995·strong
Large-scale state infrastructure build-out in petrochemicals, ports, gas.
Cerrejón coal and Cerromatoso ferronickel mega-projects (Colombia, 1981)
COL·1981–1985·moderate
Aridor 'correct economics' consumer subsidies 1981-1982
ISR·1981–1982·strong
Targeted consumer-subsidy expansion on imported durables pre-election.
Japan-US auto voluntary export restraint (Japan 1981)
JPN, USA·1981–1994·weak·unintended
Quota rents redistributed to producers; rent-sharing with cartel.
1988 Seoul Olympics preparation (South Korea)
KOR·1981–1988·moderate
Construction-sector mega-projects allocated to chaebol contractors.
Malaysia Bumiputera Equity Target Nep
MYS·1981–2003·weak
Equity quotas and discounted IPO allocations channelled implicit subsidies to bumiputera firms.
Malaysia Capital Controls 1998
MYS·1981–2003·weak
Domestic monetary easing supported bumiputera-favoured firms during crisis through directed credit.
Malaysia Hicom Heavy Industry 1981
MYS·1981–2003·weak
HICOM funnelled state equity, concessional credit, and procurement preferences into designated heavy-industry champions.
Malaysia Look East Policy 1981
MYS·1981–2003·weak
Funded scholarships, training programmes, and joint-venture incentives to attract Japanese/Korean partners.
Malaysia Privatisation Masterplan 1991
MYS·1981–2003·weak
Concessions and Bumiputera equity carve-outs embedded ongoing transfers within privatisation deals.
Fourth Malaysia Plan (1981-1985)
MYS·1981–1985·strong
HICOM heavy-industry build-out (Perwaja, Proton, Kedah Cement).
Singapore Changi Airport opening and air-hub strategy, 1981
SGP·1981–2019·moderate
State-backed aviation and airport infrastructure supported selected services sectors.
Reagan defence buildup (1981-1985)
USA·1981–1985·moderate
Defence industrial-base procurement subsidies.
VI Plan de la Nación (Venezuela, 1981-1985)
VEN·1981–1985·moderate
National Energy Program (NEP) — Canada 1980
CAN·1980–1984·moderate
Chaebol heavy-industry restructuring (South Korea 1980)
KOR·1980–1982·moderate
Distressed-industry financing and policy-loan concentration to rationalised producers.
Plan Global de Desarrollo (1980-1982)
MEX·1980–1982·strong
Heavy Industries Corporation of Malaysia — HICOM (Malaysia 1980)
MYS·1980–1985·strong
Flagship state-led heavy-industry conglomerate; extensive soft-loan and tariff protection.
Singapore National Computerisation Plan, 1980
SGP·1980–2024·moderate
Public investment and agency coordination promoted the ICT sector.
Özal export-subsidy and managed-depreciation deepening 1980-1983
TUR·1980–1983·moderate
Export-subsidy fiscal cost substantial (~3% of GDP at peak).
Plan de Integración Nacional (PIN 1979-1982, Colombia)
COL·1979–1982·moderate
Repelita III and IV five-year plans (Indonesia 1979-1989)
IDN·1979–1989·strong
Heavy-industry SOE build-out (Krakatau, IPTN); BULOG rice subsidies.
Eleven Major Industrial Projects (Philippines 1979)
PHL·1979–1983·strong
State-directed flagship heavy-industry programme financed by sovereign external borrowing.
China Household Responsibility System 1978
CHN·1978–2012·weak
1979 procurement-price increase (~20%) and reduced grain quotas raised the implicit fiscal transfer to the rural sector.
China Sez Establishment 1980
CHN·1978–2012·weak
Reduced enterprise income tax rates and customs exemptions functioned as locational subsidies for FDI.
China Soe Restructuring 1990S
CHN·1978–2012·weak
Soft-budget bank lending was partly hardened, but retained sectors continued receiving directed credit support.
Hua Guofeng Ten-Year Plan 1976-1985 (China 1978)
CHN·1978–1980·strong
120 planned heavy-industrial projects; planned investment ratio pushed to unsustainable levels.
Rupiah KENAIKAN devaluation (Indonesia 1978)
IDN·1978·weak
Consumption-protection price controls and essential-goods subsidies.
Netherlands Wet Investeringsrekening (WIR, 1978)
NLD·1978–1988·moderate
Cross-sectoral investment-premium scheme.
New Zealand Supplementary Minimum Prices for farmers 1978-1984
NZL·1978–1984·strong
Large agricultural producer-price subsidies.
Baoshan Steel Complex — Nippon Steel contract (China 1977)
CHN, JPN·1977–1985·moderate
State-financed flagship steel project.
Likud West Bank settlement expansion programme 1977-1983
ISR·1977–1983·moderate
Targeted housing, tax, and infrastructure subsidies for settler population.
Antyodaya rural poverty programme (India 1977)
IND·1977–1980·weak
Subsidised ration and rural employment support.
New Zealand 'Think Big' energy projects 1977-1984
NZL·1977–1984·strong
Massive industrial subsidies; state-underwritten project finance.
Swedish shipbuilding consolidation into Svenska Varv 1977
SWE·1977–1986·strong
Direct absorption of shipyard losses on state balance sheet.
Lanka Food Stamp Scheme 1979
LKA·1977–1994·weak
Targeted coupons functioned as a sectoral food-subsidy delivery to qualifying households.
Lanka Gcec Epz Act 1978
LKA·1977–1994·weak
Tax holidays and duty exemptions amounted to targeted subsidies for EPZ tenants.
Lanka Open Economy Package 1977
LKA·1977–1994·weak
Investment promotion incentives and tax holidays subsidised export-oriented sectors.
Lanka Peoplisation Privatisation 1989 1994
LKA·1977–1994·weak
Restructuring incentives and continued support to favored sectors retained sectoral subsidy.
Fourth National Economic and Social Development Plan (Thailand 1977-1981)
THA·1977–1981·weak
Targeted rural and regional subsidies under Fourth Plan.
Belgium Law on Conditions of Economic Expansion (July 1976)
BEL·1976·moderate
Regional investment grants scaled up.
Iraq oil-boom national development plan 1976-1980
IRQ·1976–1980·strong
Plan allocations prioritised state industry, infrastructure, and selected productive sectors.
Cantarell discovery and Pemex expansion (1976-1981)
MEX·1976–1981·moderate
Third Malaysia Plan (1976-1980)
MYS·1976–1980·moderate
NEP-aligned Bumiputera trust-fund and FELDA expansion.
Bataan Nuclear Power Plant (Philippines 1984)
PHL·1976–1986·strong
Flagship state-financed energy project; never generated power.
PHILSUCOM / NASUTRA sugar monopoly (Philippines 1976)
PHL·1976–1986·moderate
Implicit producer-price suppression transferred rents to crony trading vehicle.
Polish 1976 food-price hike attempt and Radom/Ursus worker riots
POL·1976·moderate·unintended
Failed subsidy retrenchment locked in continued consumer-price subsidies through 1980.
SABIC founding 1976
SAU·1976·strong
Large-scale state-owned-enterprise founding with preferential feedstock pricing.
V Plan de la Nación — 'La Gran Venezuela' (1976-1980)
VEN·1976–1980·strong
Brazil-West Germany nuclear cooperation accord (27 June 1975)
BRA·1975–1991·moderate
Proálcool sugar-ethanol fuel programme (Brazil, 1975)
BRA·1975–2019·strong
Bonanza cafetera macro management (Colombia, 1975-1977)
COL·1975–1978·weak
Retención cafetera financed FNC sectoral support.
Plan Nacional de Alimentación y Nutrición (PAN, Colombia 1975)
COL·1975–1978·weak
FRG Zukunftsinvestitionsprogramm — counter-cyclical investment (1975)
DEU·1975–1977·weak
Infrastructure and housing targeted.
Nigeria Third National Development Plan 1975-1980
NGA·1975–1980·strong
Large industrial parastatals (steel, refineries) subsidised.
Norwegian Kleppe-pakker counter-cyclical packages 1975-1978
NOR·1975–1978·strong
Direct subsidy packages to shipbuilding, fisheries, mining.
Saudi Arabia Second Five-Year Development Plan 1975-1980
SAU·1975–1980·strong
Large sectoral allocation to new industrial cities and SABIC precursor.
Belgium energy-crisis response (1974-1976)
BEL·1974–1976·weak
Partial consumer-energy-price buffer.
Belgium nuclear-power programme — Doel and Tihange commissioning (1974-1985)
BEL·1974–1985·moderate
State guarantees and directed credit to EDF-equivalent Electrabel.
II Plano Nacional de Desenvolvimento (Brazil, 1974-1979)
BRA·1974–1979·strong
France Plan Messmer — nuclear-programme acceleration (1974)
FRA·1974–1991·strong
Directed credit and state guarantees to EDF nuclear programme.
Heavy and Chemical Industrialisation (HCI) drive — South Korea 1973-1979
KOR·1973–1979·strong
Coconut Industry Investment Fund levy (Philippines 1973-1986)
PHL·1973–1986·moderate
Compulsory levy functioned as targeted sectoral fund allocated to crony-controlled vehicles.
Taiwan Industrial Technology Research Institute (ITRI) + semiconductor seed 1973-1987
TWN·1973–1987·strong
State R&D funding + Hsinchu Science Park spatial subsidy.
Syria public-sector five-year planning under Hafez al-Assad
SYR·1971–1980·moderate
Subsidies and plan allocations supported state industry, agriculture, and infrastructure.
Austrian ÖIAG / verstaatlichte Industrie counter-cyclical employment expansion 1975-1985
AUT·1970–1986·strong
Persistent direct subsidies to absorb ÖIAG operating losses.
Iraq Ba'ath land reform 1970
IRQ·1970–1975·weak
Credit, inputs, and administrative support were targeted to the restructured rural sector.
Industrialising industries strategy
DZA·1967–1978·strong
Heavy industrial sectors received directed finance and privileged state support.
Morocco dam and irrigated-agriculture strategy
MAR·1967–1990·moderate
Public capital, credit, and infrastructure were targeted to irrigated agriculture.
Indonesia Balanced Budget Rule 1967 1997
IDN·1966–1998·weak
External borrowing financed sectoral subsidies including fuel and rice within the rule's envelope.
Indonesia Bimas Green Revolution 1970S
IDN·1966–1998·weak
Large fertiliser, seed, and credit subsidies channelled to rice-growing smallholders.
Indonesia Inpres Rural Development
IDN·1966–1998·weak
Oil-rent allocations to rural infrastructure constituted large sectoral capital subsidy.
Indonesia Pma Foreign Investment Law 1967
IDN·1966–1998·weak
Tax holidays and import-duty exemptions for approved foreign investors functioned as targeted subsidies.
Indonesia Trade Liberalisation Packages 1986 1996
IDN·1966–1998·weak
Bonded-zone duty drawbacks and export incentives functioned as fiscal support to tradable manufacturing.
Philippines Coconut Levy 1973
PHL·1965–1986·weak
Levy proceeds funded UCPB credit and Cocofed-linked sectoral subsidies during the martial-law period.
Philippines Imf Standby 1984
PHL·1965–1986·weak
Crisis-era recapitalisation of distressed crony banks and SOEs raised contingent sectoral support.
Philippines Martial Law Economic Decrees 1972
PHL·1965–1986·weak
Decrees expanded directed-credit and subsidy channels through DBP and PNB to favoured sectors and cronies.
Philippines Peso Devaluations 1983 1984
PHL·1965–1986·weak
Government-backed FX support to favoured firms and crony banks acted as a sectoral subsidy during devaluation.
Philippines Philsucom Sugar Monopoly 1976
PHL·1965–1986·weak
Republic Planters Bank and NASUTRA-routed credit operated as state-backed sectoral subsidy to crony millers.
Eoa 1964
USA·1964–1968·weak
Channeled federal funds to community-action agencies in distressed sectors and regions.
Esea 1965
USA·1964–1968·weak
Direct subsidy to public-education sector via instructional materials and research grants.
Higher Education Act 1965
USA·1964–1968·weak
Direct institutional aid and loan-guarantee structure subsidized higher-education sector.
Medicaid 1965
USA·1964–1968·weak
Direct subsidy to hospital and provider sector via federal-state reimbursement formulas.
Medicare 1965
USA·1964–1968·weak
Direct subsidy to hospital, physician, and nursing-home sectors via Parts A and B.
Voting Rights Act 1965
USA·1964–1968·weak
Newly responsive local governments increased targeted spending on Black-majority districts.
Syria Ba'ath agrarian reform consolidation
SYR·1963–1970·weak
State credit, inputs, and support were targeted to politically organised agriculture.
Tunisia Perspectives Decennales and cooperative planning programme
TUN·1962–1969·moderate
Development plans channelled public resources into selected sectors and producer organisations.
Korea Directed Credit 1962 1979
KOR·1961–1979·weak
Below-market policy loans and guarantees provided large quasi-fiscal subsidies to chaebol.
Korea Export Subsidy Regime 1965 1979
KOR·1961–1979·weak
Tax breaks and credit subsidies reduced exporters' effective costs versus domestic-only peers.
Korea Hcidrive 1973
KOR·1961–1979·weak
NIF allocations, special depreciation and policy loans funnelled subsidy into HCI sectors.
Korea Land Reform 1949 1961
KOR·1961–1979·weak
Bond compensation to landlords and price-support to new smallholders embedded sectoral subsidy.
Kuwait citizen public employment and welfare distribution compact
KWT·1961–present·moderate
Energy, housing, and consumption subsidies are targeted through administered prices and budget support.
Singapore EDB export industrialisation, 1961
SGP·1961–1990·moderate
Tax incentives, industrial estates, and targeted promotion supported selected sectors.
Four-year development planning
SEN·1961–1980·moderate
Planning steered support to priority rural, infrastructure, and industrial sectors.
CAISTAB cocoa and coffee price stabilization
CIV·1960–1993·moderate
Stabilized producer prices and crop finance channelled support and rents through export agriculture.
Groundnut marketing-board system
SEN·1960–1980·strong
Producer prices, crop finance, and stabilization mechanisms channelled fiscal support through the groundnut sector.
Cuba Central Planning Juceplan
CUB·1959–present·weak
State enterprises operated under soft-budget constraints with implicit and explicit input subsidies.
Cuba Cuentapropismo 1993
CUB·1959–present·weak
Tolerated inputs and ration-card overlap kept implicit subsidies flowing to the licensed micro-private sector.
Cuba Dual Currency 1994 2021
CUB·1959–present·weak
SOEs accessed FX at favourable internal rates, an off-budget subsidy to the state-enterprise sector.
Cuba Expropriations 1960 1968
CUB·1959–present·weak
Nationalised SOEs received budgetary support and soft-budget financing in place of profit discipline.
Cuba Libreta Rationing 1962
CUB·1959–present·weak
Below-cost prices to bodegas required ongoing budget subsidies to state distributors and farms.
Cuba Raul Guidelines 2011
CUB·1959–present·weak
Strategic SOEs continued to receive priority FX allocation and soft credit despite reform language.
Cuba Tarea Ordenamiento 2021
CUB·1959–present·weak
SOEs received continuing budget support and FX rationing despite the official rate unification.
Japan Boj Window Guidance 1955 1975
JPN·1952–1975·weak
Below-market policy lending to priority industries acted as a quasi-fiscal sectoral subsidy.
Japan Forex Control Law 1949
JPN·1952–1975·weak
Preferential allocation of scarce forex amounted to an implicit subsidy for export industries.
Japan Gatt Accession 1955
JPN·1952–1975·weak
Tariff bindings increased the relative role of subsidies and procurement preferences for chosen sectors.
Japan Income Doubling Plan 1960
JPN·1952–1975·weak
FILP and special accounts financed infrastructure and capital subsidies aligned to plan targets.
Japan Oecd Accession 1964
JPN·1952–1975·weak
Government countered new openness with industry-specific subsidies and consolidation policies.
Italy Cassa Mezzogiorno 1950
ITA·1950–1970·weak
Capital grants and tax exemptions for southern plant siting were the agency's defining mechanism.
Italy Eec Accession Rome Treaty 1957
ITA·1950–1970·weak
Common Agricultural Policy transfers became a major sectoral support to Italian farming.
Italy Einaudi Stabilisation 1947
ITA·1950–1970·weak
Subsequent fiscal-space recovery permitted growth-supporting industrial subsidies under fiscal anchor.
Italy Eni Founding 1953
ITA·1950–1970·weak
Public capital injections and below-market financing functioned as ongoing energy-sector subsidies.
Italy Epu Membership 1950
ITA·1950–1970·weak
Marshall counterpart funds distributed via EPU framework underwrote sectoral investment grants.
Costa Rica bank nationalisation 1948
CRI·1948–1995·weak
Directed credit subsidised priority sectors through state banks.
Bulgaria agricultural collectivisation 1946-1958
BGR·1946–1958·moderate
State support and administered input-output prices channelled resources to collective agriculture.
France Eec Accession Rome Treaty 1957
FRA·1945–1975·weak
Treaty foreshadowed Common Agricultural Policy transfers and pooled industrial support schemes.
France Indicative Planning Cgp
FRA·1945–1975·weak
Plan envelopes channelled state credit and direct grants to priority modernisation industries.
France Monnet Plan 1947
FRA·1945–1975·weak
Marshall counterpart funds and Crédit National loans channelled subsidised capital to plan sectors.
France Nationalisations 1945 1946
FRA·1945–1975·weak
State enterprises received budget transfers and preferential credit to fund reconstruction investment.
France Pinay Rueff Stabilisation 1958
FRA·1945–1975·weak
Despite headline retrenchment, sectoral aids to coal, agriculture, and railways were preserved.
France Smic 1970
FRA·1945–1975·weak
Subsequent decrees attached low-wage payroll-cost relief to the SMIC framework.
decreased · 106
Paris Agreement withdrawal and climate-rule rollback 2025
USA·2025–present·moderate
IRA-credit claw-back attempts reduce sectoral subsidies (partial; most statutory credits survive).
IMF ECF/EFF/RSF programme continuation and augmentation
BGD·2024–present·moderate
Electricity and fertiliser subsidy reduction under programme.
IMF Extended Fund Facility ($3.4bn)
ETH·2024–2028·moderate
Phased energy-subsidy reform.
Guinea IMF staff-monitored reform programme 2024
GIN·2024–2025·weak
IMF monitoring identifies fuel and electricity subsidies as fiscal risks to be contained.
Israel Haredi-draft Supreme Court ruling and coalition crisis 2024
ISR·2024–present·moderate·unintended
Court-ordered halt of yeshiva funding for draft-evading students.
Italy Superbonus 110% phase-out (DL 39/2024)
ITA·2024·moderate
Forward Superbonus eligibility and cessione mechanics tightened; construction-credit envelope closed.
Jordan IMF Extended Fund Facility 2024
JOR·2024–present·weak
IMF-supported adjustment continues pressure toward cost recovery and better targeting in energy and utility-related fiscal risks.
Madagascar automatic fuel price adjustment mechanism 2024
MDG·2024–present·moderate
Cost-reflective pump prices reduce fuel subsidy and under-recovery costs.
Diesel subsidy rationalisation — Peninsular Malaysia (Jun 2024)
MYS·2024–present·moderate
Blanket fuel subsidy replaced with means-tested cash transfer; annual saving ~RM4bn on diesel alone.
Netherlands nitrogen reduction target rollback 2024
NLD·2024·moderate
NPLG envelope (~25bn euro) scaled back in 2025 Miljoenennota.
IMF Extended Fund Facility — Pakistan $7bn (2024)
PAK·2024–2027·moderate
Power-tariff pass-through and captive-power gas levelling reduce cross-subsidy.
Pakistan International Airlines privatisation attempt (2024)
PAK·2024–present·weak
Intent to end ongoing fiscal transfers to loss-making SOE; not yet realised pending successful sale.
Angola fuel-subsidy phase-out 2023
AGO·2023–present·strong
The policy directly reduces generalized petroleum-price subsidies.
Milei Shock Therapy — Argentina December 2023 onward
ARG·2023–present·strong
Energy and transport subsidies cut sharply.
IMF $4.7bn ECF/EFF/RSF programme
BGD·2023·moderate
Energy and fertiliser subsidy reduction.
Cameroon fuel-subsidy price adjustments 2023-2024
CMR·2023–2024·moderate
Higher pump prices reduce the implicit budget subsidy to refined-fuel consumption.
Republic of Congo fuel-price adjustment 2023-2024
COG·2023–2024·moderate
Higher retail fuel prices reduce the fiscal transfer embedded in below-cost fuel sales.
IMF Extended Fund Facility — Sri Lanka $2.9bn (2023)
LKA·2023–2027·moderate
CEB/CPC cost-recovery pricing reduces implicit subsidy.
State-Owned Enterprise restructuring framework (Sri Lanka 2023-2024)
LKA·2023–2024·moderate
Cost-recovery pricing reduces cross-subsidy burden.
Electricity Act 2023 (state-level power market decentralisation)
NGA·2023–present·moderate
Band A cost-reflective tariff ends cross-subsidy; Federation-level subsidy residue only.
Tinubu PMS petrol subsidy removal ("subsidy is gone")
NGA·2023–present·strong
Consumer petrol subsidy eliminated on Day 1; ~N4trn p.a. removed from recurrent spending.
IMF Stand-By Arrangement — Pakistan $3bn (2023)
PAK·2023–2024·moderate
Power-tariff pass-through implementation.
Power-tariff hikes and circular-debt management (Pakistan, 2023-2024)
PAK·2023–2024·strong
Subsidy-to-grid rationalisation; capacity-payment pass-through to end-consumer tariff.
Prigozhin Wagner mutiny 2023
RUS·2023·weak
Wagner black-budget flows reabsorbed into formal Defence Ministry structures.
KKM FX-protected deposit unwind (Turkey 2023-2025)
TUR·2023–2025·strong
Stock of implicit FX subsidy cut by more than two thirds in 18 months.
IMF Extended Fund Facility (Mar 2022, USD 44bn)
ARG·2022–2023·moderate
Segmentation of energy subsidies by income.
Iran bread/flour subsidy 'economic surgery' and smart-card quotas
IRN·2022–present·strong
Elimination of preferential FX subsidy for staples; ~500% industrial flour price rise.
Cameroon IMF ECF and EFF arrangements 2021
CMR·2021–2025·weak
The programme treats fuel-subsidy risk and SOE transfers as fiscal pressures to be contained.
COVID-19 IMF Rapid Financing Instrument (Nigeria)
NGA·2020·weak
Temporary PMS subsidy removal during oil-price trough; reversed.
CREATE: Corporate Recovery and Tax Incentives for Enterprises Act (RA 11534)
PHL·2020·weak
Time-bounded tax holidays and sunset review reduce indefinite incentive entrenchment compared with the prior system.
Ecuador Decreto 883 Fuel-Subsidy Elimination (reversed)
ECU·2019·moderate
Decree eliminated fuel subsidy representing roughly USD 1.3bn annually; reversed within two weeks.
Iran Nov 2019 fuel-price tripling and quota reform
IRN·2019·strong
Single-step tripling of gasoline price; one of the largest fuel-subsidy cuts of the decade.
IMF Extended Fund Facility — Pakistan $6bn (2019)
PAK·2019–2023·moderate
Electricity / gas tariff hikes passing through cost; subsidy rationalisation.
TLP BNDES benchmark rate reform — Lei 13.483/2017
BRA·2017·moderate
TLP phased in market-linked cost-of-funds, shrinking implicit BNDES subsidy.
Utility 'sincere-pricing' tariff hikes and subsidy reduction (2016-2019)
ARG·2016–2019·strong
Netherlands long-term-care decentralisation (Wlz + Wmo 2015)
NLD·2015–2020·moderate
Sharp reduction in federal LTC funding and scope.
Gas Infrastructure Development Cess (GIDC) Act 2015
PAK·2015–2020·weak
Surcharge on industrial gas offset cross-subsidy to residential; earmark weak in practice.
Jokowi fuel-subsidy cut and redirection 2014
IDN·2014–2015·strong
Largest single-step fossil-fuel subsidy cut in Indonesian history.
Rouhani continuation and partial tightening of Targeted Subsidies cash-transfer
IRN·2014–2021·weak
Incremental fuel-price rises 2015-2018 reduced implicit energy subsidy burden.
Malawi automatic fuel pricing mechanism
MWI·2012–present·moderate
Cost-reflective pricing lowers implicit petroleum subsidies and arrears.
Occupy Nigeria subsidy-removal protest and rollback
NGA·2012·weak
Partial subsidy reduction; full removal reversed under protest.
Slovak bank levy 2012
SVK·2012–2020·weak
Implicit removal of banking-sector subsidy via taxation.
Germany Sparpaket 2010 (Zukunftspaket €80bn/4y)
DEU·2011–2014·weak
Active-labour-market spending trimmed; new sectoral levies.
Sheshinski I natural-gas royalty framework
ISR·2011·moderate
Reduced implicit subsidy (below-world rates) to offshore gas concessionaires.
Targeted Subsidies Reform Law (hedfmandi-yarane-ha)
IRN·2010·strong
Fuel/electricity/water price subsidies removed toward import parity.
PHCN unbundling and privatisation (power-sector reform)
NGA·2010–2013·weak
PHCN operating losses removed from federal recurrent spending.
Netherlands Rutte I €18bn coalition austerity package
NLD·2010–2015·weak
Reduction of targeted subsidies.
Etp Nem Transformation 2010
MYS·2009–2018·weak
NEM committed to phased subsidy rationalisation across fuel, electricity, and selected commodities.
Fuel Subsidy Rationalisation Managed Float 2014
MYS·2009–2018·weak
Core mechanism — eliminated standing fuel subsidies and shifted retail prices to a managed-float reference formula.
Tpp Signature 2016
MYS·2009–2018·weak
SOE disciplines and procurement-non-discrimination obligations constrained directed-subsidy use for state-linked firms.
Malaysia fuel-subsidy partial reform (2008)
MYS·2008·moderate
Fuel-subsidy cut intended; largely reversed within months but demonstrated political cost.
SBY fuel-subsidy price liberalisation 2005
IDN·2005–2008·strong
Single largest real cut to energy subsidies in post-1998 Indonesia.
Japan expressway-corporation privatisation (2005)
JPN·2005·moderate
Debt-repayment agency framework ended open-ended public backstop for new construction.
Japan Postal Privatisation Act 2005
JPN·2005–2017·moderate
Implicit below-market lending to public corporations through FILP second-budget path ended.
Indonesia IBRA BCA and Indosat strategic-asset divestments (2002)
IDN·2002·weak
Divestment proceeds applied to bond-stock reduction, lowered ongoing SOE-subsidy footprint.
Philippines Electric Power Industry Reform Act (EPIRA, 2001)
PHL·2001–2006·moderate
NPC debt separation via PSALM; removed open-ended sovereign-guarantee support.
Vietnam SOE equitisation programme (2000-2006)
VNM·2000–2006·weak
Reduced direct-budget support obligations to equitised entities.
NDA strategic-disinvestment programme (1999-2004)
IND·1999–2004·weak
Reduced ongoing CPSE-subsidy obligations.
Pakistan Shaukat Aziz privatisation programme and PTCL sale (1999-2006)
PAK·1999–2006·moderate
SOE-subsidy obligations reduced; privatisation proceeds applied to debt-reduction.
France Jospin-era privatisations 1997-2002
FRA·1997–2002·weak
Reduced direct state capital involvement.
Spain Aznar privatisations programme 1997-2000
ESP·1997–2000·weak
Ended state capital subventions to privatised firms.
Bucaram austerity shock package (late 1996)
ECU·1996–1997·strong
Philippines Oil Industry Deregulation Act 1996-1998
PHL·1996–1998·moderate
Oil Price Stabilization Fund phased out.
Agenda Venezuela — IMF-backed stabilisation programme 1996
VEN·1996·moderate
SOE Reform: Grasp the Large, Let Go of the Small (抓大放小) 1995-2001
CHN·1995–2001·moderate
Soft-budget-constraint withdrawal from small SOEs; strategic-sector subsidies retained.
Yemen Economic, Financial and Administrative Reform Program 1995
YEM·1995–1999·moderate
The programme reduced generalized subsidies and public-enterprise support.
Saudi 1994 austerity budget
SAU·1994·weak
Incremental utility-price increases; core fuel subsidy preserved.
France Balladur privatisations 1993-1995
FRA·1993–1995·weak
Reduced direct state capital injections into privatised sectors.
Russian Gaidar price liberalisation 1992
RUS·1992·strong
Implicit retail-price subsidies eliminated.
Yeltsin-Gaidar shock therapy + voucher privatisation (Russia, 1992-1994)
RUS·1992–1993·strong
derived from 1 child policy: russia_gaidar_shock_therapy_1992
Russia — Gaidar shock therapy 1992
RUS·1992–1993·strong
Czechoslovak price liberalisation 1991
CSK·1991·strong
SOE subsidies terminated.
Zambia Kwacha Liberalisation 1992
ZMB·1991–2001·weak
Eliminated cross-subsidy from preferential FX allocations to favoured importers and parastatals.
Zambia Namboard Dismantling 1993
ZMB·1991–2001·weak
Withdrawn maize-meal subsidy and parastatal recurrent losses cut major drain on Zambian fisc.
Zambia Price Control Abolition 1991
ZMB·1991–2001·weak
End of administered-price floor eliminated need for parastatal price-stabilisation subsidies.
Zambia Privatisation Agency 1992
ZMB·1991–2001·weak
Removed loss-making parastatals from treasury bailout cycle and recurrent subvention budgets.
Zambia Zccm Privatisation 2000
ZMB·1991–2001·weak
Eliminated chronic ZCCM operating losses requiring treasury subsidy and Bank of Zambia credit lines.
Balcerowicz Plan — Polish shock therapy 1990
POL·1990–1991·strong
Categorical elimination of SOE subsidies.
Balcerowicz Plan — Poland shock therapy 1990
POL·1990–1993·strong
Portugal privatisations 1990-1995 (Framework Law 11/90)
PRT·1990–1995·weak
Reduced state capital subventions.
Ley de Reforma del Estado y de Emergencia Económica 1989
ARG·1989·moderate
UK water and sewerage privatisation (December 1989)
GBR·1989·weak
Ended direct Treasury capex funding of water infrastructure.
El Gran Viraje — IMF Paquete Económico 1989
VEN·1989·strong
Netherlands WIR abolition (1988)
NLD·1988·moderate
Cross-sectoral investment-premium removed.
UK British Airways privatisation (February 1987)
GBR·1987·moderate
State equity withdrawn from aviation sector.
Italy IRI sale of Alfa Romeo to Fiat (November 1986)
ITA·1986·weak
State loss-making enterprise off IRI books.
Nigerian commodity marketing boards abolition (1986)
NGA·1986·moderate
Implicit tax on farmers via board margins removed; budget lost hidden rent.
Nigeria Banking Licence Liberalisation 1987
NGA·1986–1993·weak
Replaced directed-credit subsidies in banking with market-based capital allocation by newly licensed banks.
Nigeria Commodity Board Abolition 1986
NGA·1986–1993·weak
Eliminated implicit subsidies and taxes embedded in commodity-board price-stabilisation funds.
Nigeria Privatisation Decree 1988
NGA·1986–1993·weak
Sales removed perpetual subventions and recapitalisations from the federal budget for divested parastatals.
Nigeria Sfem Exchange Rate 1986
NGA·1986–1993·weak
Removed implicit FX subsidies embedded in below-market dollar allocations to favoured importers.
Nigeria Tariff Reform 1988
NGA·1986–1993·weak
Eliminated implicit subsidies embedded in selective high-tariff protection of favoured industries.
Đổi Mới (Renovation) — Vietnam 1986
VNM·1986–1996·strong
Austrian VOEST-Alpine 'black week' restructuring 1985-1986
AUT·1985–1993·moderate
Begin of retrenchment of verstaatlichte-Industrie subsidies.
Belgium coal-mine closures — Kempen / Campine basin (1985-1992)
BEL·1985–1992·moderate
Coal subsidies eliminated.
New Economic Policy — Decree 21060 (Bolivia stabilisation 1985)
BOL·1985·strong
Western Accord — NEP dismantling (1985)
CAN·1985–1986·moderate
Israel Stabilisation Plan 1985
ISR·1984–1986·weak
Removal of basic-goods consumer subsidies was a centrepiece of the immediate adjustment.
Rogernomics — New Zealand market reforms 1984-1990
NZL·1984–1990·strong
UK Thatcher-era Privatisations (BT, British Gas, BAA, Water, Electricity)
GBR·1984–1990·strong
State-enterprise loss-making support replaced by market discipline.
Rupiah devaluation March 1983 (Indonesia)
IDN·1983·moderate
State-enterprise project suspensions accompanying devaluation.
Spain industrial reconversion (Ley 27/1984)
ESP·1983–1986·moderate
State subsidies to obsolete sectors reduced.
Kenya IMF-World Bank Structural Adjustment Loans 1980s
KEN·1980–1989·weak
Parastatal subsidy trimming, frequently reversed.
Kriangsak fuel-price pass-through (Thailand 1979)
THA·1979–1980·moderate
Reduced fuel-consumption subsidy burden.
Reform and Opening (改革开放) — 1978
CHN·1978–1994·moderate
SOE soft-budget-constraint reduction + SEZ-led market allocation.
Pertamina debt crisis and bailout (Indonesia 1976)
IDN·1975–1977·weak
Ended Pertamina's off-budget industrial-project financing.