The term “industrial policy” should not be seen as a pejorative. Wiesen notes that it certainly isn’t in China. Nor should it be anathema for the US government to provide capital and other incentives to keep scientific and entrepreneurial talent at home, give aggressive trade assistance, and incubate new businesses. China’s government incubates business with capital and other incentives. So should America’s. Wiesen argues that we need to develop dynamic new businesses to prove American-style capitalism isn’t second-rate.
Wiesen is a professor of entrepreneurship (emeritus) at New York University’s Stern School of Business.