"Moment of Zen"

Scott Sumner and Noah Smith Debate the China Question

24 snips
Jan 18, 2025
Guest
Noah Smith
Guest
Scott Sumner
Scott Sumner, a renowned monetary economist, and Noah Smith, an adept economics writer, engage in a lively debate over America's industrial future amid China's manufacturing ascendancy. They discuss the significance of industrial policy, with Sumner favoring measured engagement and Smith insisting on bold action to counter China's rise. Their conversation also touches on the effectiveness of recent U.S. initiatives like the CHIPS Act, emphasizing the necessity of robust policies to address economic and geopolitical challenges.
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INSIGHT

The Debate

  • Economists Scott Sumner and Noah Smith debate industrial policy and US-China relations.
  • They agree on some fundamentals but clash on the China threat and industrial policy's effectiveness.
INSIGHT

Sumner's Stance

  • Scott Sumner, a self-described "unreconstructed neoliberal," expresses skepticism towards industrial policy, especially in trade.
  • He acknowledges the shift away from neoliberalism but remains unconvinced of the need for a major economic rethink.
INSIGHT

The Military Case

  • Noah Smith highlights the military rationale for industrial policy, emphasizing China's growing manufacturing capacity.
  • He notes that this capacity could be repurposed for military production, posing a threat to democracies.
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