Previously titled “The Who, What, When, and How of Industrial Policy: A Text-Based Approach.” We thank Elliott Ash, David Byrne, Chiara Criscuolo, John Andrew Fitzgerald, Jason Garred, Penny Goldberg, Douglas Gollin, Amy Handlan, Gordon Hanson, Tarek Hassan, Giammario Impullitti, Myrto Kalouptsidi, Guy Lalanne, Colin McAuliffe, Phillip McCalman, Suresh Naidu, Emi Nakamura, Ashwin Narayan, Gaurav Nayyar, Nina Pavcnik, Tristan Reed, Dani Rodrik, Francesco Squintani, Chris Woodruff, and seminar audiences at American University, Applied Machine Learning, Economics, and Data Science (AMLEDS)Workshop, Berkeley, Brown, Chapman University, Columbia, Council of Economic Advisors (U.S.), Duke University, Econometric Society Summer Meetings, ETH Zurich, ETH Zurich–Monash–Warwick Textual Data Conference, Federal Reserve Bank of Atlanta Firm Dynamics and the Macroeconomy Conference, Harvard, the IGC-Stanford Firms, Development and Trade Conference, the International Monetary Fund, Michigan, MIT Sloan, National University of Singapore, NBER Summer Institute, New Thinking in Industrial, Innovation and Technology Policy Conference at Columbia, Pakistan Institute of Development Economics, STEG-CEPR-IGC Conference, UC-Irvine, University of Melbourne, University of Miami, University of Washington Comparative Politics, Warwick, the World Bank, and Yale for helpful comments and suggestions. We benefited from conversations with Gerard DiPippo, Ilaria Mazzocco, and scholars at the CSIS; the OECD Productivity, Innovation and Entrepreneurship team, and the UNIDO Research and Industrial Policy Advice Division. We especially thank Johannes Fritz for helpful discussions about the Global Trade Alert project, and the GTA team for sharing their data. Ida Brzezinska, Caran Niousha Etemad, Lottie Field, Mikhael Gaster, Diti Jain, Max Marczinek, Esha Vaze, Sarah Wappel, and Megan Yamoah provided outstanding research support. We thank the team of Columbia, Oxford, and UBC annotators for their excellent assistance. We gratefully acknowledge funding from ISERP, STEG/CEPR, SSHRC, and the Alfred P. Sloan Foundation. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.