National champions | Wikipedia audio article
Channel: wikipedia tts
Date: 23/12/2018

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/National_champions


00:00:51 1 Definition
00:02:43 2 Russian Renewal
00:03:48 3 Vertical integration
00:04:43 4 Advancing national interests
00:05:51 5 See also



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SUMMARY
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National champion is a governmental policy in which large organizations are expected not only to seek profit but also to "advance the interests of the nation"; the government sets policies which favor these organizations. The policy is practiced by many governments, in some sectors more than others (such as defense), but by giving an unfair advantage against market competition, the policy promotes economic nationalism domestically and global pre-eminence abroad contrary to the free market.  The policy also deters or prevents venture capitalism.
As the policy is the collective form of inequality of opportunity, it is irreconcilable with the paradigm liberal economy advocated by 18th century economist Adam Smith.  It was a key plank of the Dirigiste policy of 1945-1975 France.