Industrial Policy
Markets Have Always Needed the State
The following is an excerpt from Chris Hughes’ new book, “Marketcrafters: the 100-Year Struggle to Shape the American Economy,” now out at Simon & Schuster. You can listen to Hughes discuss his book with Bethany McLean and Luigi Zingales on a new Capitalisn't episode here.
Data Suggests Not All Industrial Policy Sacrifices Competition by Design
In new research, Petros Boulieris, Bruno Carballa-Smichowski, Maria Niki Fourka and Ioannis Lianos analyze industrial policy from around the world to understand how policymakers are rethinking policy goals. The authors create a set of metrics to measure how different policy orientations improve or sacrifice competition.
Don’t Dismantle America’s Audit Regulator—It’s a Strategic Asset Against China
Congress is considering eliminating the Public Company Accounting Oversight Board, the independent federal agency that “audits the auditors.” Karthik Ramanna and Nemit Shroff write...
Creating a Robust Economy Requires a Corporate-Governance Policy Response
William Lazonick writes that recent United States industrial policy initiatives miss the centrality of corporate resource allocation for creating a robust economy, characterized by...
Taiwan’s Industrial Policy After the 2024 Presidential Election
Taiwan has a history of implementing industrial policies to successfully encourage the development of internationally competitive high-tech firms. However, the new administration’s efforts to reorient industrial policy to achieve Taiwan’s commercial-cum-defense goal risks harming its economic resiliency.
What’s Ahead For The U.K.’s Industrial Policy Under Labour
The United Kingdom has struggled to implement long-term industrial policies in recent decades, writes Diane Coyle, a trend the new Labour Party promises to...
The Increasing Cost of Buying American
‘Buy national’ provisions serve as non-tariff barriers to trade and are often defended as tools for job creation and industrial policy. This column examines...
What the US Learned and the EU Should Consider About National Champions
Bill Baer argues that the United States’ history with promoting national champions through industrial policy shows how protection and the diminution of competition often backfires on the favored companies and the state. He writes that industrial policy must complement competition policy.
How Industrial Policy Gave Us the Sherman Act
Elizabeth Popp Berman writes that the history of the antimonopoly movement and industrial policy in the United States shows that antitrust and industrial policy, currently considered by many to be in conflict, can complement each other in pursuit of shared goals.
The U.S. Must Drive Forward on EVs, Not Back Up
Recent negative news on the production of electric vehicles in the United States call into question the government’s industrial policy boosting Detroit’s efforts to go green. Susan Helper writes that not only have there been significant benefits from President Joe Biden’s industrial policies, but promoting the production and adoption of electric vehicles remains essential to achieving national decarbonization targets and increasing resilience, innovation, and national security
