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INDUSTRIAL POLICY FOR THE UNITED STATES

WINNING THE COMPETITION FOR GOOD JOBS AND HIGH-VALUE INDUSTRIES

A stimulating call for government action to restore America’s standing as an industrial powerhouse.

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It’s time for the government to reenergize American manufacturing and other industries with a determined program of subsidies and trade barriers, argues this sweeping economic manifesto.

Investment banker Fasteau and economist Fletcher, both members of the Coalition for a Prosperous America, present a wide-ranging critique of the economic orthodoxy that holds unfettered free trade as alwaysa blessing. In reality, they argue, America’s pro-free trade policies have led to the offshoring of crucial industries, including the production of military equipment and medical supplies that are critical to national well-being, and the replacement of stable, well-paying manufacturing jobs with low-wage service and retail jobs. They call for a comprehensive, protectionist industrial policy that would nurture “advantageous industries” that underlie an innovative, high-tech, high-wage economy, and for a monetary policy that would end the overvaluation of the dollar that produces trade deficits by making American products artificially more expensive than those of foreign competitors. The authors flesh out these ideas in intricate case studies of industrial policies around the world; they discuss China’s ruthlessly effective program of boosting exports through unfair trade practices as well as the evolution of various American industries, like the decades-long saga of the Big Three automakers’ loss of market share. They conclude with detailed policy proposals, which include leaving the World Trade Organization, raising tariffs on imports, and providing manufacturing companies with a raft of government loans and tax breaks. Fasteau and Fletcher synthesize a wealth of data and economic history into an incisive analysis of the workings and pitfalls of free trade. They convey all of this in lucid, accessible prose that manages to turn complex technical arguments into pithy, down-to-earth aphorisms. (“Growth is about turning Burkina Faso into South Korea, not about being the most efficient possible Burkina Faso forever,” they write in a tour-de-force debunking of the theory of comparative advantage.) The result is a lucid diagnosis of America’s economic decline and an ambitious, hopeful program for reversing it.

A stimulating call for government action to restore America’s standing as an industrial powerhouse.

Pub Date: Jan. 2, 2025

ISBN: 9781009243070

Page Count: 836

Publisher: N/A

Review Posted Online: Nov. 20, 2024

Kirkus Reviews Issue: Feb. 1, 2025

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  • New York Times Bestseller

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ABUNDANCE

Cogent, well-timed ideas for meeting today’s biggest challenges.

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  • New York Times Bestseller

Helping liberals get out of their own way.

Klein, a New York Times columnist, and Thompson, an Atlantic staffer, lean to the left, but they aren’t interrogating the usual suspects. Aware that many conservatives have no interest in their opinions, the authors target their own side’s “pathologies.” Why do red states greenlight the kind of renewable energy projects that often languish in blue states? Why does liberal California have the nation’s most severe homelessness and housing affordability crises? One big reason: Liberal leadership has ensnared itself in a web of well-intentioned yet often onerous “goals, standards, and rules.” This “procedural kludge,” partially shaped by lawyers who pioneered a “democracy by lawsuit” strategy in the 1960s, threatens to stymie key breakthroughs. Consider the anti-pollution laws passed after World War II. In the decades since, homeowners’ groups in liberal locales have cited such statutes in lawsuits meant to stop new affordable housing. Today, these laws “block the clean energy projects” required to tackle climate change. Nuclear energy is “inarguably safer” than the fossil fuel variety, but because Washington doesn’t always “properly weigh risk,” it almost never builds new reactors. Meanwhile, technologies that may cure disease or slash the carbon footprint of cement production benefit from government support, but too often the grant process “rewards caution and punishes outsider thinking.” The authors call this style of governing “everything-bagel liberalism,” so named because of its many government mandates. Instead, they envision “a politics of abundance” that would remake travel, work, and health. This won’t happen without “changing the processes that make building and inventing so hard.” It’s time, then, to scrutinize everything from municipal zoning regulations to the paperwork requirements for scientists getting federal funding. The authors’ debut as a duo is very smart and eminently useful.

Cogent, well-timed ideas for meeting today’s biggest challenges.

Pub Date: March 18, 2025

ISBN: 9781668023488

Page Count: 320

Publisher: Avid Reader Press

Review Posted Online: Jan. 16, 2025

Kirkus Reviews Issue: Feb. 15, 2025

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THINKING, FAST AND SLOW

Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...

A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.

The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.

Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.

Pub Date: Nov. 1, 2011

ISBN: 978-0-374-27563-1

Page Count: 512

Publisher: Farrar, Straus and Giroux

Review Posted Online: Sept. 3, 2011

Kirkus Reviews Issue: Sept. 15, 2011

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