• “In a world of state competition for valuable industries, a domestic policy of neutrality is itself a selection of priority. ‘Not choosing’ is a choice, however it is made. The relevant policy consideration, then, is not whether states should organize their economies, but how they should be organized. Total neutrality among interacting economic systems is impossible, but relative material decline is not.”
  • “Manufacturing provides better and more stable employment for American workers than financial services. Physical capital development makes for more prosperous towns and communities than does digital capital. Knowing how to make a specialized product is a less replicable skill than marketing the product for sale. Research and development expenditures deliver greater benefits to the public than private cost alone justifies. Offshoring jobs to save on labor costs doesn’t often create equivalent jobs for the workers displaced by it. Worker skills are not easily transferable across industries. Geographic proximity to productive assets like factories increases the prosperity of supplying and local small businesses.”
  • “A common defense of expanded trade with China has, and continues to be, a claim of value chain position: in theory, the production of cheap and mass-market consumer goods in China would produce an increase in the standard of living for American consumers and allow the U.S. to increase high-value exports to China. But what happens if China makes these high-value products instead? This is the future envisioned by the “Made in China 2025” plan (hereafter referred to in this report as “MIC2025”) first promoted by the Chinese government in 2015.”
  • “Markets respond to the priorities set for them through policy choices. The critical question is which policy choices are in the interests of the American people. This Project believes MIC2025, and the opportunity for policy response it demands, are worth studying to better understand the answer.”
  • “Just as U.S. policymakers have proved willing to use American leverage to enforce international trade law and norms, the U.S. Congress should consider actions to leverage the American economy to increase domestic productivity.”
  • “Highly-leveraged investments in technological discovery offer unknown outcomes, but distributions to shareholders are quantifiable. The existence of non-productive alternatives to capital investment, as a result, makes the product of the firm’s American workers less valuable while at the same time increasing profits, making possible a world of higher asset prices, lower investment in the economy, and lower worker pay.”
  • “Ensuring the productive use of capital for American domestic production entails an agenda of economic restructuring. Creating new ecosystems of innovators and promoting the dynamism of new businesses entails one of rejuvenation. Uniquely positioned among government agencies in this regard is the U.S. Small Business Administration, which operates a number of programs to service new and small businesses.”
  • “Though MIC2025 is a foreign actor’s plan for the domination of critical commercial sectors at the expense of American industries, the U.S. should not miss the opportunity its prominence provides. Claiming, as the plan does, that ‘without strong manufacturing, there is no national prosperity,’ should be a wake-up call for American political economy as much as a cause for scrutiny.”

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Official Account. Follower of Christ, Husband, Father, U.S. Senator for Florida.

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Official Account. Follower of Christ, Husband, Father, U.S. Senator for Florida.

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