Conservatives' Argument Against Big Government Industrial Policy
Conservatives' Argument Against Big Government Industrial Policy: A Deeper Look
Manufacturing matters. But industrial policy of the type pushed by Rubio has failed and will continue to fail. A conservative argument for big government manufacturing policy is akin to a vegetarian's argument for eating meat: It's an oxymoron. Despite the constant push from big-government Democrats and Republicans alike, conservatives have long championed the idea that economies work best without the heavy hand of government forcing its will on the people.
Challenges Posed by Government Intervention
- Burdensome regulations
- Crippling taxes
- Rising inflation
These factors have led to the decline of industries in the Rust Belt and other regions, with adverse effects on job opportunities.
The direct costs of subsidies, regulation and bureaucratic control are compounded by the loss of jobs, wages and investment.This is why industrial policy has failed repeatedly, as evidenced by past failures in countries like South Korea, Germany, and China.
The Flaws in Industrial Policies
- Misallocation of resources
- Forcing companies to invest in lobbying and political influence
- Putting taxpayers at risk for bad investments
Instead, the post advocates for free-market reforms to unleash the potential of American manufacturing.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.