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David Adler

David Adler is author of the monograph The New Economics of Liquidity and Financial Frictions and coeditor of the forthcoming anthology The Productivity Puzzle, both published by the CFA Institute Research Foundation. He is also an adviser on industrial strategy at the Common Good Foundation (UK).
Articles by David Adler

Inside Operation Warp Speed: A New Model for Industrial Policy

Operation Warp Speed1 (OWS) was launched on May 15, 2020. A partnership between the Departments of Health and Human Services (HHS) and Defense (DoD), other agencies, and the private sector, its goal was to “accelerate the testing, supply, development, and distribution of safe and effective vaccines, therapeutics, and diag­nostics to counter Covid-19.” As a result…

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Reshoring Production and Restoring American Prosperity: A Practical Policy Agenda

The Covid-19 pandemic has made one thing absolutely clear: China is the workshop of the world. This has significant strategic and geopolitical implications. By playing its initially weak hand to perfec­tion, China transformed its position of dependence into one of dominance during the last several decades. The highly touted inter­dependence of countries in manu­facturing processes…

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Reshoring Supply Chains: A Practical Policy Agenda

The Covid-19 crisis exposed the stark fact that almost everything we use—and need—is no longer produced in the United States. For example, 95 percent of surgical masks and 70 percent of respirators used in the United States are produced abroad. Indeed, according to some accounts, in a single year (2004), surgical masks went from being 90 percent domestically produced to 95 percent foreign produced when Kimberly-Clark shut down its U.S. factories and offshored its production…

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Korean Industrial Policy: From the Arrest of the Millionaires to Hallyu

Within days after he seized power in the 1961 military coup d’état in South Korea, Major General Park Chung-hee ordered the arrest of fifty-one of the country’s leading businessmen. The head of Samsung, the largest chaebol (family-owned conglomerate), who had been travelling in Japan, was immediately placed under house arrest when he returned to Korea.…

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Financing Advanced Manufacturing: Why VCs Aren’t the Answer

In 2013, a group of MIT researchers published a study examining the business trajectory of 150 start-up firms that grew out of technology developed at the university. These were production-related “hardware” firms that actually manufactured things. The firms were able to attract early stage venture capital (VC) funding. They were also able to find the…

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The American Way of Innovation and Its Deficiencies

Apple, Alphabet (the parent company of Google), Microsoft, Amazon, and Facebook are the world’s largest companies by market capitalization. The United States is also, by many measures, the leader in university research in basic science. From this perspective, American innovation seems alive and well. But it’s a different story when it comes to actually making things.…

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