The recent revival of industrial policy, championed by President Biden, is a clear repudiation of the belief in free markets to maximize economic growth, emphasizing the necessity of state intervention for innovation and protecting critical sectors like semi-conductors and addressing the climate emergency.
The massive increase in inequality since the 1980s in America was largely due to the widening gap in earnings between low skill workers facing wage stagnation and college-educated professionals with soaring salaries, rather than a reduction in redistribution. Even if welfare state generosity reaches European levels, the US would remain significantly more unequal.
Collection
[
|
...
]