Economic growth has slowed in many countries, in some cases posing significant long-run threats to national well-being and security. Governments are considering industrial policy to accelerate growth and gain competitive advantages over other countries. Antitrust authorities are looking at how to deal with industrial policy, and governments are looking at how to deal with antitrust authorities. This article makes three observations. First, countries need to balance how much to rely on industrial policies versus markets to drive growth, and that balance should be struck soundly in favor or markets, given the evidence. Second, competition authorities should focus on being vigilant cops on the beat and leave industrial policies to others as much as possible. Third, sound competition policy is based on balancing competing considerations and the circumstances of the country. It could make sense to adjust the balance, or consider a paradigm shift, when there are radical long-term changes in economic circumstances and objectives, such as the “existential crisis” facing Europe.