An Industrial Policy With American Characteristics

An Industrial Policy With American Characteristics

Competition between China and the United States has long been framed as a contest between two countries with opposite roles in the global economy: China as the world’s leading producer and the United States as the world’s leading consumer. Now, however, each country is attempting to become more like the other in a race to rebalance its economy. Can the United States substitute for lost production from China faster than China can substitute for l…