by Summary:
Industrial Policy’s ComebackMarket fundamentalism has failed to improve economic and social conditions. Now, we need a mission-oriented approach to the economy that embraces an active role for government in spurring growth and innovation.Today it is precisely those “market mechanisms” that appear not to have delivered on their promise. An equally exhaustive review of the experience of several advanced economies during the last few decades—from the 2008 financial crisis, populist challenges to globalization, and vast increases in economic inequality to decaying infrastructure, climate change, and the broader pursuit of short-term profit at the expense of long-term investment—has badly tarnished the reputation of neoliberal market fundamentalism. Under this regime, modern capitalist markets
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Industrial Policy’s ComebackMarket fundamentalism has failed to improve economic and social conditions. Now, we need a mission-oriented approach to the economy that embraces an active role for government in spurring growth and innovation.Today it is precisely those “market mechanisms” that appear not to have delivered on their promise. An equally exhaustive review of the experience of several advanced economies during the last few decades—from the 2008 financial crisis, populist challenges to globalization, and vast increases in economic inequality to decaying infrastructure, climate change, and the broader pursuit of short-term profit at the expense of long-term investment—has badly tarnished the reputation of neoliberal market fundamentalism. Under this regime, modern capitalist markets
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Mike Norman considers the following as important:
This could be interesting, too:
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Industrial Policy’s Comeback
Market fundamentalism has failed to improve economic and social conditions. Now, we need a mission-oriented approach to the economy that embraces an active role for government in spurring growth and innovation.
Today it is precisely those “market mechanisms” that appear not to have delivered on their promise. An equally exhaustive review of the experience of several advanced economies during the last few decades—from the 2008 financial crisis, populist challenges to globalization, and vast increases in economic inequality to decaying infrastructure, climate change, and the broader pursuit of short-term profit at the expense of long-term investment—has badly tarnished the reputation of neoliberal market fundamentalism. Under this regime, modern capitalist markets have proven themselves unable to create an even distribution of wealth and income, ecological sustainability, affordable shelter and health care, and a sufficient number of high-quality middle-class jobs. Amidst this policy crisis, industrial policy is making a comeback, shaping high-level discussions at the intersection of trade policy and economic growth on subjects from artificial intelligence to climate change.
Boston Review