I don't disagree with this sentiment - we do tend to overly fund existing industry such as air, space, energy. As far as new investments though, China arguably

I don't disagree with this sentiment - we do tend to overly fund existing industry such as air, space, energy. As far as new investments though, China arguably picks their winners and has learned valuable lessons in boosting manufacturing from garage to factory. Their lead in solar manufacturing was astronomical. The US have also done this, look at how Boeing, HP, Intel, the Auto industry and others had their start. Lots and lots of loans and grants. If anything our policies are overly conservative and careful with new investment, investing heavily in the "idea factory" models surrounding higher education and subsidiaries. Fortunately that's also led to a large and mostly competent investment community that is willing to bet the farm on new companies. Comparing the industrial & investment growth to industry in Europe and the ME has informed my view that we do a pretty decent job. Corruption is there, but it isn't the norm that I've see in other parts of the world.