Industrial Policy for the United States: Winning the Competition for Good Jobs and High-Value Industries

This book, Industrial Policy for the United States, needs to be placed in every boardroom, and college business classroom in America. Every CEO needs this book on his or her desk. The authors, Fasteau and Fletcher, bring tremendous historical perspectives.They provide policy initiatives that need to be implemented across America’s vast industrial base.We need to expand domestic programs to support manufacturing.We need controls on international capital flows.We need tariffs to protect our most vulnerable industries.We need more “fair trade” to balance the scales.We need to protect our innovations in technology.While this book provides an excellent roadmap toward America’s future industrial expansion, I would ask every CEO and college classroom instructor to be aware that by mid-century, because of humanity’s accelerating population to well over 9 billion on its way to 10 billion, this planet cannot render or provide more resources. In fact, several books document that we will run out of enough water, oil and resources (metals) to power our civilizations. Additionally, global catastrophic climate destabilization will play a major part in our ability to feed ourselves. These caveats must be considered if we are to survive as a species.Finally, this book provides the most comprehensive understanding of industrial policy ever published. The authors set the benchmark for America’s future success in the industrial world. Highly recommended! Frosty Wooldridge, America’s Overpopulation Predicament—Blindsiding Future Generations

Ian Fletcher and Mark Fasteau's Industrial Policy for the United States: Winning the Competition for Good Jobs and High-Value Industries provides a comprehensive and historically-informed exploration of industrial policy, detailing how it works and offering practical, politically realistic solutions that address America's current economic needs. This book is a must-read for anyone interested in understanding the current state of American economic policy and the potential benefits that a strategic approach to industrial policy could unlock.The authors define industrial policy as "the deliberate governmental support of industries," using tools such as tax breaks for research and development, tariffs, subsidies, government procurement, export controls, and government-directed research support. Fletcher and Fasteau convincingly argue, backed by significant evidence, that after World War II, the United States largely abandoned industrial policy, embracing free trade and free markets while depicting government intervention as inefficient and problematic. Now, 70 years later, the U.S. finds itself losing ground to countries like China, which employ a much more strategic and coordinated approach, using all-of-government industrial policies to target America's high-value industries.In response to this, Industrial Policy for the United States advocates for a more strategic and robust industrial policy that prioritizes the development and protection of industries critical to America's national security and economic stability. The authors discuss various proposals, past initiatives, and policy measures—such as tariffs, subsidies, and government investment in research and development—and evaluate their effectiveness in cultivating key domestic industries and shielding them from unfair competition practices by foreign rivals.The book also provides an enlightening overview of industrial policy theories and initiatives that have been implemented during the first few years of the Biden administration, as well as in other nations and the U.S. more broadly in recent years. However, Fletcher and Fasteau go beyond merely summarizing recent developments; they argue for more aggressive and systematic measures. They propose an approach that supports domestic industries by boosting research and commercialization of new technologies, followed by protecting those industries through strategic trade policies. This strategy would be complemented by moderate controls on international capital flows to prevent the overvaluation of the dollar and balance America's trade.Crucially, these overviews and proposals are accompanied by comprehensive background knowledge, case studies, comparative analyses, and historical context, all of which are essential for understanding and evaluating the significance of the recent shift toward a more robust industrial policy in the United States. The chapter on the Massachusetts Life Sciences Cluster is particularly compelling, providing a real-world example of the synergies and ecosystem effects that successful industrial policy aims to achieve.Industrial Policy for the United States: Winning the Competition for Good Jobs and High-Value Industries is an excellent guide for those looking to understand a landscape where reliance on free markets alone is diminishing, and industrial policy is once again taking center stage. It is also a valuable reference for U.S. policymakers aiming to secure national prosperity, enhance productive capacity, and strengthen supply chain networks.

Industrial Policy for the United States is a timely and compelling analysis of how America can reclaim its position as a global leader in high-value industries and good jobs. Challenging the conventional belief in laissez-faire economics, the authors make a bold case for a systematic and comprehensive industrial policy, emphasizing the importance of tariffs, competitive exchange rates, and federal support for commercializing new technologies. Backed by meticulous research and real-world examples, the book offers insightful lessons from past successes and failures while presenting actionable recommendations to reform U.S. policy. Covering key industries like steel, semiconductors, aviation, and nanotechnology, this book is an essential read for policymakers, economists, and anyone invested in America’s economic future.