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Making industrial policy “in”

Biden’s effort to boost American manufacturing prowess marks continuity, not change

MANY American pundits have described US President Joe Biden's signing a US$280 billion bill aimed at bolstering the American chip manufacturing industry as a turning point of sorts in the nation's economic policy.

Since the end of World War II, US presidents and lawmakers from both major political parties have criticised many of its economic partners for violating the principles of American-style capitalism by pursuing a national strategic effort, to encourage the development of leading sectors of their economies, in particular the manufacturing sectors, instead of allowing the free market to determine the outcome of the competition between their various industries.

That the East Asia tigers, led...

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