Theresa May is drawing up plans to develop an industrial strategy for the UK and to change an “anything goes” business culture. Good. There is a lot that needs fixing. The prime minister is not the first leader to make such promises. Here are the do’s and don’ts her government should consider, based on experience over the past few decades in the UK and elsewhere.

An industrial strategy is a good idea, provided that it is built around sectors where the UK has a comparative advantage and where the government is an important player, either as a provider of development finance or as a customer.

We do not need an industrial strategy for dying businesses such as steel, or for those like retail that flourish without direct government involvement. We do need one for sectors like aerospace, defence, life sciences and energy, where government is bound to play a part in success.