Washington Economic Consensus

You subscribe to the Washington Economic Consensus – You believe the government merely supplies the right conditions for private sector players to compete. Essentially, the market allocates resources efficiently and profit is ultimately the best motivator for innovation. When government attempts to pick winners and takes an aggressive stance against market distortions, either at home or abroad, it usually gets it wrong. While government can perform a useful role in addressing stark inequalities, blatant violation of global rules for fair competition, and encourage some types of investments over others, you do not see  it as  necessary to design and implement a national strategy to focus solely on innovation or any specific sector. In your understanding, companies, not nations, compete for economic opportunities and innovation is the natural byproduct of that competition among companies. Silicon Valley was not the result of government direction but of individual entrepreneurship and the ability of investors to identify and back innovations the market wanted. Countries where governments play a major role  in directing the economy ultimately fall behind those where government has a light touch.