A specter is haunting Europe—the specter of industrial policy. European institutions are shaping their financial response to the Covid19 crisis: the European Commission is boasting a €750 billion ($824 billion) coronavirus recovery plan. Though details are still unclear, the idea that has been floating around for weeks is that of selective injections of money aiming to produce a European industrial policy, beginning with a "Green New Deal". Sometimes where government money is allocated is a matter of luck: plenty of...