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On both sides of the aisle, calls for industrial policy seem to be gaining momentum. Americans have grown more skeptical about markets in the aftermath of the Great Recession. And China’s more managed economy seems to be growing faster and rivaling the US as the technological leader of the world. Many policymakers have reacted by saying that the US government needs to embrace industrial policy and take a more hands-on approach to promoting innovation. Today’s guest, Scott Lincicome, disagrees, holding that an adoption of stronger industrial policy would be unnecessary and even counterproductive.
Scott is a senior fellow in economic studies at the Cato Institute, where he writes on international trade, industrial policy, and economic dynamism. And he is the author of the recently released policy report, “Manufactured Crisis: ‘Deindustrialization,’ Free Markets, and National Security.”
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I’m old enough to remember when Japan was the great example of how to do industrial policy. And Japan was going to economically domination the world. Now, it seems like the only industry that Japan dominates is comics.