For the first time in 50 years, Democrats and Republicans are both embracing industrial policy–but that doesn't mean it will pay off for workers [Fortune]
Intel Corporation (INTC)
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Source: Fortune
attracting billions of dollars of investments in sectors such as clean energy and advanced manufacturing. The remarks underscored what is shaping up to be a hallmark of Biden's economic agenda: industrial policy. It seems this once-shunned economic strategy is enjoying something of a renaissance. Throughout a career at the U.S. Department of Labor that spanned three very different administrations, I witnessed a shared aversion to industrial policy. On the rare occasions that leaders would broach the topic , the responses of my colleagues mostly ranged from unease to disdain. Democrats–and, to a certain extent, mainstream economists–bristled at the concept of directing policy toward discrete industries. The hesitation was, in part, fueled by distrust–what economist Dani Rodrik describes as a “knee-jerk hostility”–toward betting on businesses to make good on their commitment to the broader economy and its workers. Republicans, meanwhile, may have been more trusting of the private se
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