By Richard D. Bingham
The correct position of presidency within the US economic system has lengthy been the topic of ideological dispute. This examine of commercial coverage as practised by way of management after management, explores the diversities from a hands-off method of protectionist guidelines and competitive aid for companies.
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Extra resources for Industrial Policy American Style: From Hamilton to HDTV
Those on the right see almost any aid to American industries as an inefficient distortion of a pretty efficient market system. For those from the left, efficiency is also a concern. But they see American industrial policy as a bunch of inefficient, uncoordinated, sector-specific programs, often operating at odds with each other. For them, an industrial policy modeled after Japan's would be far more appealing. Industrial policy is by its very nature political. And as with most things political, there is no one correct answer, but there are a lot of different perspectives.
In fact, Mondale decided to distance himself from industrial policy in general. Neither Mondale nor President Reagan ever mentioned the words industrial policy in their debates or speeches. The only industrial policy issue mentioned in the campaign were the two candidates' plans Page 15 to revitalize the steel industry. 43 But why did Mondale back off? Mondale was "for" an industrial policy, but his concept of industrial policy was strictly limited. He thought of industrial policy essentially as a way to bail out industries (like steel) and companies (like Chrysler).
But it was Chrysler that grabbed the public's attention. Railroads were always viewed by the public as a sort of utility, and Lockheed was unique because of its national defense implications. But Chrysler was different. 25 Much more will be said about Chrysler in Chapter 3. But President Carter's flirtation with industrial policy encompassed more than bailouts. In the later years of the administration, an Economic Policy Group (EPG) of cabinet-level officials was formed to conduct a review of industrial policy.