Academic

I'm back from Canada, which uses law in the service of industrial policy, at least more than does the United States, which it otherwise resembles, and so is an interesting comparative data point.

• Canada used trade policy to industrialize, principally through its auto pact with the United States, and now through its subsidization of Canadair and Bombardier, the export-oriented regional jet and train makers.  The United States, of course, doesn't do this so much.
• Canada regulates its financial sector hard, which means that the sector came through the financial crisis pretty well - but its banks are small, and its sector sleepy.  Was it worth it?
• And, of course, while the US has a chaotic immigration policy, and similar countries like Australia basically don't permit it, Canada embraces controlled immigration.

Is there something to be said for the dirigiste approach?  Canada doesn't look as prosperous as the United States, and specializing in heavy industry while cutting back on finance (and lawyering, for that matter) seems a bit old school.  Still, managed growth and picking winners makes it a pretty unique western country.  Anyway, for the financial market stuff that is probably most interesting to the readers of this blog, Eric Pan and Cristie Ford are good sources.