The problem of industrial policy
July 21, 2021
Industrial policy is making a comeback in political discourse as a key issue to be tackled in maintaining America’s dominance internationally. Industry has always been a greater reflection of the trademarks of America; its efficiency, economic values, and its entrepreneurial spirit. However, in America’s current understanding of industrial policy, among other issues, it leans towards the government seizing the role of the market for itself; to control the economy in job opportunities and losses, unaccompanied by the natural flow of the market.
In this episode, Dr. Samuel Gregg, Acton Institute’s director of research is joined by Dr. Veronique de Rugy, a senior research fellow at the Mercatus Center at George Mason University, to discuss the industrial soul of American society, and if it is to be adopted as a major governmental policy, its ramifications on the American economy. Also discussed are ideas like the word itself: “industry,” and how it has become politically opportunistic in the hasty push for its accompanied legislation, it is utilized as an umbrella term to push many other policies through that pertain to public sectors outside of industry itself, like education, R & D, and training.
Innovation comes best from competition and creative freedom, not government intervention. The remaining question is: does a federal-centered industrial policy hinder American citizens and business’ ability to adjust to the ebb and flow of a natural economy?