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Questioning Industrial Policy
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Biden s Plans To Rebuild Infrastructure And Alliances Threatened By His Embrace Of Protectionism
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A few weeks ago, I debated Julius Krein, editor of
American Affairs, on trade, industrial policy, and the future of the American economy. It was, I think, a telling and informative discussion (uncomfortable masks notwithstanding), and I invite you to watch the whole thing if you’re interested in the current debate about “free market fundamentalism” and the right’s recent embrace of economic interventionism. Toward the end, Krein and I got hung up on a point that I (incorrectly) assumed was relatively anodyne the value of foreign direct investment (FDI) in the U.S. economy, regardless of its form (foreign companies acquiring existing U.S. assets or the “greenfield” creation of new ones). I was going to let the issue go, but then saw the claim that foreign acquisitions should be disregarded as valueless “non‐investing” repeated elsewhere in another New Right critique of the allegedly problematic state of American investment (foreign or domestic) in th
The Reality of American Manufacturing and Pandemic Resilience
Contrary to conventional wisdom, there is little evidence of systemic weaknesses in the United States’ “industrial capabilities” (i.e., the ability to produce the goods that the country needs in times of war or other national emergency) the metric that, along with access to similar capabilities abroad, the Department of Defense considers critical for national security.
In fact, the U.S. manufacturing sector remains among the most productive in the world and is a global leader (see Table 1).
The sector’s health is perhaps most evident in its relative ability to attract investment. In 2018, for example, foreign direct investment (FDI) inflows into the U.S. manufacturing sector alone (almost $167 billion) were larger than
Biden Treads Carefully Around Trump s Combative Trade Policy – InsuranceNewsNet
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