A Labour government would intervene in industry to protect key British businesses, shadow chancellor John McDonnell is set to declare.
Mr McDonnell will use his keynote speech to Labour's annual conference in Liverpool to make the case for a post-Brexit "manufacturing renaissance".
And he will accuse the Conservative Government of undermining UK industry's potential by cutting scientific research spending and subsidies to renewable energy as well as planning to reduce investment in infrastructure like housing and transport.
Mr McDonnell will tell the conference that the rules of globalisation "are being rewritten for us", with governments around the world moving away from reliance on free markets in favour of intervention.
He will cite the crisis caused by China flooding world markets with cheap steel, when the UK was slow to follow other major governments in taking action to protect its home-grown steel sector.
Mr McDonnell will say: "We need a new deal across our whole economy. Because whatever we do in Britain, the old rules of the global economy are being rewritten for us.
"The winds of globalisation are blowing in a different direction. They are blowing against the belief in the free market, and in favour of intervention."
Conservatives were "too blinkered by their ideology" to recognise the international shift away from free market policies, he will claim.
And he will promise: "Be certain the next Labour government will be an interventionist government.
"We will not stand by like this one has and see our key industries flounder and our future prosperity put at risk ... When we return to government we will implement a comprehensive industrial strategy."
Mr McDonnell will add: "After Brexit, we want to see a renaissance in British manufacturing.
"And as we've committed ourselves, our government will create an entreprenurial state that works with the wealth creators, the workers and the entrepreneurs to create the products and the markets that will secure our long-term prosperity."
Britain is well placed to take advantage of developments in digital technology which allow companies to site manufacturing facilities close to skilled workforces and potential markets, rather than in the part of the world able to offer the cheapest labour, the shadow chancellor will argue.
This meant that the tide of factory closures as firms shifted work overseas is now turning, with one in six manufacturers in Britain now bringing jobs back to Britain.
"Digital technology means production can be smaller-scale, in smaller, faster firms dependent on co-operation and collaboration, not dog-eat-dog competition," MrMcDonnell will say.
"The economies that are making best use of this shift are those with governments that understand it is taking place, and support their new industries and small businesses.
"We could be a part of that change here."
Britain needs to capitalise on its heritage of scientific research and engineering expertise, natural resources which could make it a world-leader in renewables, and the talent and ambition available in all parts of the country, he will say.
PA
