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Checks and Balance from The Economist

Checks and Balance: Place and CHIPS

Checks and Balance from The Economist

The Economist

Politics, News & Politics, News, Us Politics

4.6 • 1.7K Ratings

🗓️ 11 August 2023

⏱️ 50 minutes

🧾️ Download transcript

Summary

Joe Biden has been on the road this week, touting his administration’s investment in American manufacturing. His government has embraced a “place-based” industrial policy, explicitly directing tens of billions of dollars to boost struggling regions. The bet is that the money will leave thriving economies and grateful Democratic voters in its wake. Will “place-based” policies help the bits of American that have been left-behind?


We join Congressman Ro Khanna on a tour of former manufacturing towns, and he tells us why he thinks “place-based” policies work.  And Mark Muro of Brookings charts the history of “place-based” interventions.


John Prideaux hosts with Charlotte Howard and Jon Fasman.


You can now find every episode of Checks and Balance in one place and sign up to our weekly newsletter. For full access to print, digital and audio editions, as well as exclusive live events, subscribe to The Economist at economist.com/uspod.



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Transcript

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0:00.0

Finance doesn't need to be disrupted.

0:03.0

It means people who see the potential for progress,

0:06.0

like faster payments, more transparency, and new ways to meet compliance,

0:11.0

so that finance can move at the speed of business.

0:15.0

This is what our blockchain solutions deliver for financial institutions,

0:19.0

enterprises and central banks around the world.

0:22.0

Progress is a choice, and it's one you can make right now.

0:26.0

Ripple, crypto means business.

0:35.0

In the shade of an oak tree, the revolutionaries stopped for a picnic.

0:39.0

Boyant from their victory over the British at the Battle of Monmouth,

0:42.0

George Washington and Alexander Hamilton enjoyed a spread of cold ham,

0:47.0

tongue, and biscuits.

0:49.0

As they tucked in, they marveled at the sight and sounds of a roaring waterfall,

0:53.0

the great falls of the Busseic River.

0:56.0

A decade or so later, Hamilton, now Treasury Secretary,

1:00.0

was determined that America should become an industrial power.

1:04.0

To spark this, he planned to build what he called a national manufacturing,

1:09.0

a city of factories, businesses, and the workers to staff them.

1:13.0

He remembered the waterfall where he and Washington had picnicked

1:17.0

and bought 700 acres of land around it.

1:20.0

This would become the city of Paterson, New Jersey,

1:23.0

many of its factories powered by the great falls.

...

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