How Industrial Policy actually works (with Isabel Estevez)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.8 • 1.5K Ratings

🗓️ 1 August 2023

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Industrial Policy (IP) has dominated conversations in economic and political circles thanks to President Biden’s big investments in manufacturing, infrastructure, and working Americans. But according to today’s guest, development economist Isabel Estevez, the conversation around IP is too narrow. IP is not just about manufacturing and clean energy, she argues—smart IP also encompasses policies that improve outcomes for people, like reducing child poverty and cleaning our drinking water. Isabel Estevez is the Deputy Director of Industrial Policy and Trade at the Roosevelt Institute. She conducts research at the intersection of industrial and trade policy, with a focus on the transformation and decarbonization of heavy industries, such as steel and aluminum. Twitter: @Isabel_Estevez_ Industrial Transformations https://www.phenomenalworld.org/analysis/industrial-transformations The American Industrial Policy Series https://rooseveltinstitute.org/think-tank/climate-and-economic-transformation/the-american-industrial-policy-series Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Transcript

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0:00.0	I think part of the narrow approach to industrial policy comes from the fact that we're using
0:06.8	that narrow word industrial.
0:09.0	I think industrial policy can mean slightly different things to different people, but
0:13.1	fundamentally it's really about influencing and shaping the world of production.
0:17.4	You know, we've let industrial policy become a widget maximization strategy.
0:23.0	I think it's even worse than that.
0:24.2	I think it's a profit maximization for the widget manufacturers.
0:30.9	From the home offices of civic ventures in downtown Seattle, this is Pitchfork Economics,
0:38.0	with Nick Hanauer, the best place to get the truth about who gets what and why.
0:48.9	I'm Nick Hanauer, founder of Civic Ventures.
0:52.1	I'm David Goldstein, senior fellow at Civic Ventures.
1:00.9	As I'm sure you know, Nick, there's been a lot of noise the past couple of months
1:05.2	over the Biden administration's proposals for the Chips Act and the fact that, oh my god,
1:12.7	to get like some of that $400 million free to invest in semi-conductor plants,
1:19.5	the manufacturers are going to have to do all types of awful things like,
1:25.9	provide childcare, pay decent wages, not take the money and send it directly to shareholders
1:33.2	and stock buybacks. That's socialism, Nick.
1:38.7	Yeah, socialism or industrial policy.
1:42.5	Same difference.
1:44.0	Same thing, exactly.
1:45.7	Yeah, so today on the pod we're going to explore a little bit about the resurgence of what we're
1:51.2	calling industrial policy, probably, you know, incorrectly terming it industrial policy.
	...

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