The Front Row Podcast #68- Making Sense of Industrial Policies in the 21st Century
19 snips
Dec 26, 2025 
Dr. Jostein Hauge, a political economist at the University of Cambridge, dives into the evolving landscape of industrial policies. He discusses how Alexander Hamilton’s ideas still resonate in today’s economic climate. Hauge critiques America's industrial strategy, emphasizing the risks of offshoring and the vital role of manufacturing in services. He contrasts the success of East Asian Tigers with China's unique approach to innovation and green technology, while also advocating for state-led strategies in developing nations. A rich conversation packed with insights!
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Hamilton's Case For State-Led Industrial Catch-Up
- Alexander Hamilton framed early industrial policy as necessary for catch-up and technological learning.
- Jostein Hauge emphasizes manufacturing-led growth and the state's role in protecting infant industries.
Why The State Is Returning To Industry
- The 2008 crisis, COVID-19 supply shocks, climate threats, and geopolitics revived faith in state intervention.
- Hauge says current US industrial policy is driven largely by competition with China rather than a coherent long-term vision.
The Massive Toolkit Of Modern Industrial Policy
- Industrial policy includes far more than tariffs: state ownership, development banks, skills, R&D, export zones and macro policies.
- Hauge presents a broad toolkit countries use to mobilize investment and direct structural change.
