America is about to revive an idea that was left for dead decades ago. It’s called industrial policy, and it’s at the heart of Joe Biden ‘s plans to restructure the U.S. economy. When industrial policy was last debated in the 1980s, critics recoiled from government “picking winners.” But times have changed. Devastating climate change, a deadly pandemic, and the rise of China as a technological powerhouse require an active government pushing the private sector to achieve public purposes. The dirty little secret is that America already has an industrial policy, but one that’s focused on pumping up profits with industry-specific subsidies, tax loopholes and credits, bailouts, and tariffs. The practical choice isn’t whether to have an industrial policy but whether it meets society’s needs or those of politically powerful industries. Consider energy. The fossil fuel industry has accumulated “billions of dollars in subsidies, loopholes, and special foreign tax credits,” in Biden’s words. He intends to eliminate these and shift to non-carbon energy by strengthening the nation’s electrical grid, creating a new “clean electricity standard” that will force utilities to end carbon emissions by 2035 and providing research support and tax credits for clean energy. It’s a sensible 180-degree shift… Read full this story
- Want to Boost the Economy? Check the Power of U.S. Corporations, Not China | Opinion
- Can the Communist party get out of China’s bedrooms now, please?
- The Guardian view on US-China antagonism
- It took years of Tory cuts and wild policy swings to create this prisons crisis
- Steve Bannon Tells Fox News He Thinks Joe Biden Is 'Totally Compromised' by China
- China’s growing clout at the UN
- Opinion: Merkel must step up her China strategy
- Theresa May won’t survive long. Tory modernisers are already plotting
- The Tories’ ‘fake’ Labour migration numbers are hiding the demise of their own foolish policy
- China and the US should prepare for an era of ‘co-opetition’
Biden Is Bringing Back a Long-Abandoned Policy to Compete with China | Opinion have 318 words, post on www.newsweek.com at April 19, 2021. This is cached page on The World Articles. If you want remove this page, please contact us.