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Significance
The administration is adopting a 'whole of government' approach to arrest economic decline, enhance resilience, protect the environment, check inequality and revive well-paying manufacturing jobs, via its massive spending bills and a more protectionist trade policy. This is reviving old debates over the efficacy of industrial policy.
Impacts
The need for industrial policy to have a different focus between sectors will continue to limit its effectiveness.
Biden will seek to shape social welfare corporate norms, for instance by making chip makers offer child-care to qualify for federal funds.
Defence and aerospace spending will continue to be a central aspect of each US administration’s industrial policy.
Keywords:
United States,
NA,
industry,
politics,
construction,
government,
growth,
legislation,
manufacturing,
policy,
private sector,
public sector,
unions
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2023
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