Can Industrial Policy Revive Manufacturing?
Though US President Joe Biden’s massive industrial-subsidy programs have fueled a construction boom, they have failed to revive US manufacturing output – a goal that Donald Trump’s tariff-based approach will also fail to achieve. In the US and the EU alike, resisting the secular trend of “de-manufacturing” may well be a losing battle.
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MILAN – The United States has decisively outperformed most other advanced economies over the last decade or so. As many – including former European Central Bank President and Italian Prime Minister Mario Draghi in his influential report on European competitiveness – have recognized, the US owes its “exceptional” performance largely to the dominance of large American companies in high-tech sectors. US manufacturing, however, has been struggling.