From semiconductors to electric vehicles, the American government is going into business
had a skip in his step as he walked to the podium in Licking County, Ohio, on September 9th. It was a ground-breaking ceremony for a new Intel factory, a centrepiece in America’s efforts to re-establish itself as a manufacturer of semiconductors. In fact work at the site had already begun, and a couple of yellow construction vehicles, undeterred by the occasion, continued rolling behind Joe Biden as he spoke.
The sums involved are vast. An infrastructure law passed last November assigns more than $20bn for new clean-energy technologies such as carbon capture and nearly $8bn for electric-vehicle charging stations. A technology bill approved in July will put $52bn into semiconductors while promising a further $170bn to support research in other fields. An act passed in August allocates $370bn to combat climate change, including investments in clean vehicles and renewable energy.
Until now, America’s main industrial-policy programmes have been in the Department of Defence. There have been a few other initiatives. But nothing has been as successful as the defence industrial system, the fount of innovations that have spread to civilians, from nuclear power to the building blocks of the internet.
The state will also serve as a customer for some of the emerging industries. Operation Warp Speed, America’s fast-track programme for covid vaccines, underscored how helpful it is to have the state as a buyer for more experimental products. Similar logic applies to renewable energy.
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