Industrial Policy for the United States: Winning the Competition for Good Jobs and High-Value Industries

Description

*The U.S. is losing the international competition for good jobs and high value industries because Washington largely believes trade should be free, the dollar should float, and innovation comes from the private sector. In this book, the authors make the bold case that such laissez-faire ideas have failed and that a robust industrial policy is the best way for America to remain prosperous and secure. Trump and Biden have enacted some elements, yet America now needs something systematic and comprehensive, including tariffs, a competitive exchange rate, and federal support for commercialization— not just invention—of new technologies. Timely, meticulously researched, and bipartisan, this impressive analysis replaces misunderstandings about industrial policy with lucid explanations of its underlying economic theory, the tools that implement it, and its successes (and failures) in America and abroad. It examines key industries of the past and future - steel, automobiles, television, semiconductors, space, aviation, robotics, and nanotechnology, while offering an actionable policy roadmap. A work of rigor and ambition, Industrial Policy for the United States is essential reading.Provides a new theoretical model for how economies develop, challenging the free-market orthodoxy on economic growth and trade policyProvides policy recommendations for reforming US industrial policyProvides country case studies of successful and failed industrial policies, offering insight into general guidelines and how policies must be adapted to specific circumstances*