Should America Adopt an Industrial Policy?

Abstract

This paper analyzes the intellectual rift in the contemporary American conservative movement, focusing on the differences of opinion between classical liberals and national conservatives on economic policy and economic philosophy. Given the precipitous economic malaise of the domestic American economy, and the attendant decay of social cohesion and quality of life for many Americans, the paper proposes that domestic manufacturing offers a distinctively important way of life that is inclusive of the largest possible segments of American workers. This paper finds that nations compete as economic actors, and that sovereign nations have an interest in promoting certain economic outcomes, similar to how other market actors participate in the global market. This paper concludes by affirming that on these grounds, America has an interest in pursuing an industrial policy through the tools of law and public policy.