American Industrial Policy

Overview

What is the government's proper role in the economy? Do free or managed markets best promote economic development? Who can best pick industrial winners and losers, the government or private sector? The essential question is not whether industrial policies should exist, but rather how effective they have been. This book explores the evolution and results of federal policies towards half a dozen economic sectors. Those policies are largely determined by the representatives of the targeted industry, bureaucrats from...

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Overview

What is the government's proper role in the economy? Do free or managed markets best promote economic development? Who can best pick industrial winners and losers, the government or private sector? The essential question is not whether industrial policies should exist, but rather how effective they have been. This book explores the evolution and results of federal policies towards half a dozen economic sectors. Those policies are largely determined by the representatives of the targeted industry, bureaucrats from agencies and departments that administer that industry, and politicians with firms from that industry in their districts. These 'iron triangles' capture a 'virtuous' political economic cycle in which they use their united power to grant themselves favourable policies which in turban enhances their power. As will be seen, the results of such a politicized industrial policy process vary considerably from one industry to the next.

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Editorial Reviews

Booknews
Nester (political science, St. John's U., New York) argues that the debate over whether or not government should regulate business has been going on since the US was founded, and has always been the wrong question. Asserting that all governments have industrial policies, he says the question is how the policies are created and how effective they are. He finds they are forged by an iron triangle of representatives of the targeted industry, bureaucrats in agencies that regulate it, and politicians with targeted industries in their district. He shows how the process has worked in the heavy manufacturing, financial, microelectronic, military, and medical industries. Annotation c. by Book News, Inc., Portland, Or.
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Product Details

  • ISBN-13: 9780312165925
  • Publisher: Palgrave Macmillan
  • Publication date: 6/15/1997
  • Pages: 288
  • Product dimensions: 5.50 (w) x 8.50 (h) x 0.81 (d)

Table of Contents

Introduction: The Great Debate - Free or Managed Markets? 1
1 Steel and Automobiles: The Heavy Industrial Complex 14
2 Banks and Stocks: The Financial Industrial Complex 57
3 Chips and Networks: The Microelectronics Industrial Complex 100
4 Weapons and Spaceships: The Military-Industrial Complex 134
5 Doctors and Drugs: The Medical-Industrial Complex 193
Notes 241
Bibliography 256
Index 284
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