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...following excerpts are from a Crimson roundtable on industrial policy held last week with Robert B. Reich, lecturer on public policy and author of The New American Frontier, a leading book on the subject; Joseph L. Bower, professor of business administration and a member of Harvard's faculty seminar on industrial policy; and Lawrence J. Summers, professor of economics, who worked for two years on the staff of President Reagan's Council of Economic Advisors. Lavea Brachman and David L. Yermack moderated the discussion...
...Reich: Descriptively, I think of an industrial policy as mainly a nation's blanket economic policy--trade, tax, credit, procurement, research and development policies, anti-trust policies--as they affect the pace and direction of economic development, and every nation has an industrial policy. Some of them are good or bad. In the United States, we have a fairly elaborate industrial policy. Almost half of our research and development support for the private sector comes from government. Upwards of 70% to 80% of basic research and development comes from the government. We have a quite elaborate anti-trust and trade...
...Reich: I think that the debate can be crystallized if you look at what is happening now in Washington with regard to the automobile industry. In the Federal Trade Commission right now, my former colleagues are trying to debate the extent to which G.M. and Toyota should be permitted to embark upon their joint effort on the West Coast. Simultaneously, in the special trade representative's office, you have Bill Brock negotiating with the Japanese about a fourth year of protection from Japanese imports of automobiles. Simultaneously, you have Elizabeth Dole at the Department of Transportation developing a new scheme...
...Reich: Larry has put his finger on the area of the debate. And the debate, at its basis, is more political than economic...
...Reich: I think its a very opportune time to sell the notion that if we already have an elaborate industrial policy and that our political economy is already going to generate an elaborate industrial policy, then we must search for ways of creating greater coherence and making it more consistent with our macro objectives...