America’s Next President Needs a New Industrial Policy

Published on March 25, 2024

Commentary A recent column in the Financial Times, “America (Still) Has No Industrial Policy,” by Rana Foroohar, touched on some issues that have long troubled me about what purports to be U.S. industrial policy—the practice by which governments encourage certain sectors of business and industry to advance national, state, or local economies. The latest examples are, of course, the CHIPS and Science Act of 2022 and countless “Green New Deal” mandates. It had been a long-standing taboo in Washington policy circles, and particularly among conservatives, to advance a national industrial policy. Ironic, because at the state and municipal levels, nearly every governor and mayor from both parties did things to encourage business and industry in their jurisdiction. Nevertheless, the party line at the national level was “can-do” capitalism; the government doesn’t “put its thumb on the scale of private business.”...

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