By Chris Dorrell Industrial policy should not be seen as a “magic bullet”, the International Monetary Fund (IMF) cautioned, as more and more countries around the world turn to an active state to support the economy. The approach has grown in popularity as governments seek to spur productivity growth and nurture strategically important industries, but the Washington-based body warned there were risks. “History is full of cautionary tales of policy mistakes, high fiscal costs, and negative spillovers in other countries,” it said. “This recent turn to industrial policy to support innovation in sp…