In a world seemingly dominated by state capitalism, these developments are welcome signs that market realities dominate

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In a global world seemingly dominated by big government economic interventions and industrial policies fabricated out of the fantasies of politicians and bureaucrats — known as state capitalism — there are developments that suggest markets still prevail.

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Two such occasions, one Canadian and the other international, stand out as welcome signs that market realities dominate. In Ottawa, Industry Minister Mélanie Joly’s major — even embarrassing — backtrack on the $70-billion merger of Teck Resources and Anglo American shows that when the cards are on the table, governments must bow to private markets.

Another victory for market reality over government central-planning fantasies is the political backtracking on electric vehicles and, more broadly, on climate policies in general.

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