Much as the South Korean government made investments in the 1970s and 1980s, or as development-oriented sovereign wealth funds do today, the United States should use the South Korean and Japanese investment funds to invest in long-term breakthrough technologies as well as to help critical U.S. industries obtain the financing they need to scale up manufacturing. Against this thesis, the funds’ planned investments in the shipbuilding, energy, semiconductors, pharmaceuticals, critical minerals, and quantum computing sectors, make sense conceptually.

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