Reframed industrial policy strengthens the conditions under which innovation and diffusion occur. A workforce that is secure and rooted is more likely to invest in training and adapt to new processes, while regions trapped in decline experience outmigration, firm exit, and the erosion of the civic and relational infrastructure that supports work.
Read MoreDonald Trump’s election in 2016 coincided with a growing realization that the old economic playbook, which often relied on lip service to markets, was inadequate and culminated in unintended social and economic harms. Trump championed a view long held on the fringes of policy debates: that America’s massive trade deficits and deindustrialization were not just economic issues, but strategic liabilities. He pointed to the loss of factories and dependence on imports as evidence of American decline, rejecting the idea that such trends were benign side effects of globalization…
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