This paper argues that the unintended and unanticipated costs of globalization revealed during the 2008 financial crisis and the 2020 COVID-19 pandemic have led to a renewed embrace of industrial policy. The rising market concentration and profit margins have also contributed to this development. And the challenges of regulating the digital economy through competition law instruments have further reinforced this trend. Together, these factors have produced a shift of societal goals toward innovation, resilience, sustainability and strategic independence. The paper...