HK University of Science and Technology professor of finance K.C. Chan has a piece in today's edition of Ming Pao (in Chinese) pretty much endorsing some sort of light-handed approach to industrial policy (his example is HK government's involvement in luring Disney to come to HK).
And I quote:
Ooops, I can almost feel George Stigler rolling his grave!
Granted that Chan got his Ph.D. in finance at Chicago, not economics, but still it is hard to believe that with big names like George Stigler and Sam Peltzman at Chicago's graduate school, Chan is not aware of these scholars' views on such matters.
And if you read the piece, you will get the impression that he is not familiar with the cutting edge research in industrial policy as well. Regina Ip, another big fan of industrial policy, does deserve some credit on that score, as research reports put out by her think-tank do refer to the cutting edge research in industrial policy.