With Democrats and Republicans alike supporting a shift from free markets toward government planning, the United States has clearly entered a new era of economic policymaking. Yet all the reasons why such strategies generally fail to make good on politicians' promises are as valid as ever.
WASHINGTON, DC – Industrial policy is all the rage nowadays. In the United States, President Joe Biden has signed laws offering hundreds of billions of dollars in incentives and funding for clean energy and domestic semiconductor manufacturing. Similarly, Donald Trump launched a trade war with China in the name of reviving US industry. Rank-and-file Democrats and Republicans alike are on board with this shift from free markets toward government planning.
WASHINGTON, DC – Industrial policy is all the rage nowadays. In the United States, President Joe Biden has signed laws offering hundreds of billions of dollars in incentives and funding for clean energy and domestic semiconductor manufacturing. Similarly, Donald Trump launched a trade war with China in the name of reviving US industry. Rank-and-file Democrats and Republicans alike are on board with this shift from free markets toward government planning.