Steven Rattner: Intent on reversing America’s decline in the world’s production of cutting-edge semiconductors, the federal government has begun what is arguably the government’s largest foray into the private sector since World War II.
a fab complex in Syracuse, N.Y.; GlobalFoundries is expanding in New York and Vermont; and Samsung is considering the construction of 11 facilities in Texas.
The quest for an industrial policy in America goes back to our earliest days. George Washington wore a suit of American-woven broadcloth to his first inauguration to emphasize the importance of domestic production. Alexander Hamilton’s Report on Manufactures advocated tariffs and trade restrictions to encourage domestic industry.Those failures include chips.
The most successful governmental interventions are often around research and development, such as the funding of the creation of the internet by the Department of Defense and Operation Warp Speed, the emergency program to develop Covid vaccines. In that context, I applaud the inclusion of $11 billion for semiconductor research and development in the CHIPS and Science Act.
With the dangers of overdoing industrial policy evident, President Biden should ask his staff to put together clearer and narrower rules of the road to govern when and how the United States should undertake adventures in industrial policy.by Brian Deese, the able director of the National Economic Council, provided a good beginning — though he was a bit overly enthusiastic about the merits of industrial policy and a bit disingenuous about the dangers.
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