The SupplyChainBrain Podcast
Time for a New Industrial Policy for the United States? Part 1
Feb 7, 2025
Mark Fastow, co-author of "Industrial Policy for the United States" and a global trade expert, argues for a fundamental shift in U.S. industrial policy. He highlights the urgent need to prioritize advanced technologies like robotics over military spending. Fastow emphasizes the struggles of U.S. manufacturing compared to competitors like China and Japan. He also discusses the complexities of currency valuation and its impact on trade balances, calling for a reevaluation of current trade policies to better align with evolving global dynamics.
22:23
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Quick takeaways
- The podcast questions the effectiveness of free trade in the current geopolitical landscape, suggesting a shift towards more protective industrial policies.
- It highlights the need for a new industrial policy framework focusing on innovation support and protection from predatory foreign competition to enhance U.S. industry.
Deep dives
Historical Context of Free Trade
The podcast delves into the historical underpinnings and philosophy of free trade, indicating that its relevance and effectiveness have come into question. Free trade has dominated U.S. policy since World War II, yet recent events suggest significant inconsistencies in this doctrine, particularly with increasing tariffs and protectionist measures. The conversation highlights that many developed countries engage in industrial policies that actively support their domestic industries, contrasting with the U.S. approach that has largely promoted an open market. This shift in perspective raises the question of whether the traditional model of free trade is still beneficial or if it merely served as a tool for American geopolitical strategy.
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