But on the national level, industrial policy had fallen out of fashion. For instance, the Republican’s massive 2017 Tax Cuts and Jobs Act Now, for environmental, geopolitical, and domestic political reasons, industrial policy is back.
Both parties are increasingly worried about growing threats by the People’s Republic of China against Taiwan, source of as much as two-thirds of the global output of computer chips and more thanThe Buy America green energy provisions were largely driven by demands of lawmakers who wanted to be sure their local companies and workers would benefit. But the result was the same: government support for some lucky industries.
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