The COVID recession, the supply chain crisis, and the desperate need for
renewable energy have triggered new thinking on the need to establish an industrial policy for America that didn’t just talk about reclaiming technological leadership and domestic manufacturing, but actually put resources toward getting it done. After the CHIPS and Science Act, the Inflation Reduction Act, and the bipartisan infrastructure law, hundreds of billions of dollars have been targeted towards implementation.
But the challenges are immense.
The Prospect has been arguing for this revitalization of the industrial base for decades, led by our co-founder and co-editor, Robert Kuttner. Now that Washington has finally come around to his position, Kuttner looks at how the government must navigate numerous pitfalls to build an industrial policy that works.
Will the private sector, fueled by government subsidies, create good-paying, union jobs that benefit communities? Will we bring this industrial revolution to fruition and balance environmental safety with the
practical disruption? Will we harmonize economic nationalism with a set of geopolitical concerns that always seem to take precedence?
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