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Whoever wins the presidency this November will bestow upon the United States an industrial policy for manufacturing. Not the same policy, though. The two candidates will use different tools and support different industries.
Throughout the 2010s, many people – including myself – treated it as a truism that manufacturing industries have faster productivity growth than service industries.
The paradigm shift in US economic policy began during the 2016 presidential election campaign. It was in that campaign that the candidates of both parties agreed on scrapping the Trans-Pacific Partnership (TPP).
This article is published here as a preview of the week’s Global Risk-Reward Monitor.
Federal spending on fundamental scientific research is pivotal to America’s long-term economic competitiveness and growth. But less than two years after agreeing the US needed to invest tens of billions of dollars more in basic research than it had been, Congress is already seriously scaling back its plans.