Ah Yes The Economist Magazine Says You Need A National Industrial Policy
With a picture of Bill Clinton as the lead off speaker.
I could've picked another one of Mr Clinton's ideas, one less likely to raise any hackles, like his call for shortening review periods for government infrastructure projects. I agree with that too. But I'm picking this one because it's difficult. This one is about having a national industrial policy. A lot of readers here are going to reject that idea out of hand. I don't. Judging by the fact that this Rana Foroohar article in Time is on the website's top-ten most-read list, there are a lot of other folks out there who are at least receptive to the idea as well. (Read that article too, by the way. It's really interesting.) And the concentration on Michigan and the car industry here reminds us of the largest recent instance of American industrial policy: the decision to bail out the car industry. That intervention probably saved a couple of million jobs, and left Ford and GM as solid companies. The experience of Germany in the financial crisis and post-crisis recovery (6% unemployment, at the moment) suggests that having an industrial policy and paying companies to keep jobs may be a strategy that has its advantages.
I am tempted to resubscribe, just so I can relive the pleasure of cancelling.