Industrial policy has become a hot topic in the US as the government plans to invest billions of dollars in industry, research, and development. The state is playing an increasingly active role in promoting new technologies, a move that was previously frowned upon since the Reagan era.
The US President, Joe Biden, recently opened the construction site for Intel’s new $20 billion chip factory in Ohio, which was made possible by the CHIPS Act. The government has passed three landmark federal laws that promise to transform the country’s technology landscape with a total of $1.22 trillion, the largest investment in science and technology in decades.
The spending frenzy is intended to revitalize the industrial base and create a new and vibrant tech industry in the United States. The government’s role in promoting new technologies has become more important than ever before, and this has caused a shift in the country’s economic policy.
The government’s intervention in the economy has been controversial since Reagan, who believed in free markets and minimal state intervention. However, the current administration is rethinking the role of the state and believes that the government can help create a supportive environment for new technologies to thrive.
Despite the government’s aggressive spending on new technologies, there is no coherent vision on how to achieve these goals. Unclear consequences of billions in US investments are still unknown, but many are still optimistic about the future of the US tech industry.
MIT Technology Review published an article in its 2/2023 edition, which explores the government’s industrial policy and its impacts on the technology industry. The magazine subscription provides access to exclusive tests, guides, and background information. One subscription for all magazines: c’t, iX, MIT Technology Review, Mac & i, Make, and read c’t photography directly in the browser.
In conclusion, the US is investing billions of dollars in research and development to promote new technologies and revitalize the industrial base. While there is still no clear vision on how these investments will pan out, there is still a great deal of optimism about the future of the tech industry in the United States. The government’s role in promoting new technologies has become more important than ever, and this will shape the country’s economic policy for years to come.
