Hidden Forces The Case for a New U.S. Industrial Policy | Ian Fletcher
Jun 9, 2025
Ian Fletcher, an expert on industrial policy and co-author of 'Industrial Policy for the United States,' delves into the flaws of free trade and the need for a robust industrial strategy. He discusses historical successes and failures of industrial policies in countries like China and Japan, providing valuable lessons for the U.S. Fletcher emphasizes the importance of government intervention in fostering innovation and highlights the challenges in advanced manufacturing. The conversation also addresses the complexities of currency dynamics and its impact on the U.S. economy.
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Some Industries Are More Valuable
- Some industries are fundamentally more valuable for economic prosperity and national security.
- Market laissez-faire policies alone don't ensure the best national industrial mix.
Innovation Needs Long-term Support
- Innovation requires a pipeline from science to profitable products.
- Early innovation stages often lack monetization, requiring government role and investment.
Drug Discovery and Government Research
- A pharma tour revealed most breakthrough drug research comes from NIH, not private firms.
- Private companies mainly commercialize drugs, relying heavily on government-funded science.
