Michael Porter

Subsidy delays adjustment and innovation rather than promoting it. . . . Ongoing subsidies dull incentives and create an attitude of dependence. Government support makes it difficult to get industry to invest and take risk without it. Attention is focused on renewing subsidies rather than [on] creating true competitive advantage. One subsidized industry propagates its noncompetitiveness to others. Once started, subsidy is difficult to stop. … [ Read more ]