The U.S. is losing the competition for good jobs and high-value industries because most of Washington believes trade should be free, the dollar should float, and that innovation comes exclusively from the private sector. In this book, the authors make the bold case that these laissez-faire ideas have failed and that a robust industrial policy is the only way for America to remain prosperous and secure. Trump and Biden have enacted some of its elements, but it needs to be made systematic and comprehensive, including tariffs ...
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The U.S. is losing the competition for good jobs and high-value industries because most of Washington believes trade should be free, the dollar should float, and that innovation comes exclusively from the private sector. In this book, the authors make the bold case that these laissez-faire ideas have failed and that a robust industrial policy is the only way for America to remain prosperous and secure. Trump and Biden have enacted some of its elements, but it needs to be made systematic and comprehensive, including tariffs to protect key industries, 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. It concludes with a realistic, actionable policy roadmap. A work of rigor and ambition, Industrial Policy for the United States is essential reading.
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I saw an advance copy. It's a very ambitious book, but I daresay Fasteau and Fletcher pull it off. It's a comprehensive economic and historical argument that economic success requires industrial policy, that America used to do it very well, that our adversaries (read "China") do it today, and that we should get back in the game. I found the theoretical economics surprisingly easy to grasp (these guys write well) and the historical parts (other countries but especially the US) absolutely fascinating. There's a whole history out they don't teach you! Their analysis makes sense of a heck of a lot of problems the US has been having that our establishment, liberal and conservative both, just hasn't had a clue how to deal with. Interesting take on both Biden and Trump, whom the authors see as clumsily starting to turn the tide, though the US still has a long way to go. Read this book if you want to understand the next 20 years of economic events in this country.
