American Industrial Policy: Free or Managed Markets?What is the government's proper role in the economy? Do free or managed markets best promote economic development? Who can best pick industrial winners and losers, the government or private sector? This book attempts to answer those and related questions by exploring the evolution and results of federal policies towards half a dozen economic sectors. Those policies are largely determined by the representatives of the targeted industry, bureaucrats from agencies and departments that administer that industry, and politicians with firms from that industry in their districts. These 'iron triangles' capture a 'virtuous' political economic cycle in which they use their united power to grant themselves favourable policies which in turn enhances their power. As will be seen, the results of such a politicized industrial policy process varies considerably from one industry to the next. |
Other editions - View all
Common terms and phrases
Administration aerospace aircraft industry airlines allowed Ameri American firms American steel antitrust auto automobile industry banks bill Boeing budget cartels chips Clinton Cold War competitive Congress consumer electronics corporations countries created crisis debt decade Defense demand democratic depression doctors domestic drugs dumping economic economists European eventually exports federal foreign rivals funds global HDTV health care costs health care system hospitals important indus industrial policies industry's institutions interest rates International investments issue Japa Japan Japan's Japanese junk bonds makers manufacturers market share Meanwhile medical industrial complex ment microelectronics microelectronics industry military military-industrial complex nuclear Pentagon political President production Reagan regulations rose savings and loan Sematech semiconductor Soviet Soviet Union space station spending steel industry steel-makers strategic subsidies supercomputer tariff tion Tokyo trade United Washington weapons White House workers World World War II York