An industrial policy plays a major role in the development of a country’s economy. It is a well-thought plan of developing the industrial sector of a country and also to identify and develop the potential markets for the products.
Basis of US Industrial Policies An active policy for industrial development is needed for a nation’s economic progress. United States is known as a free trading nation. However, it has implemented a number of trade, tariff and tax laws in order to protect itself from unsavory industrial practices like dumping. Dumping is a process whereby a competing economy staffs a particular country's markets with services and products that are provided at lesser than the market rate of that particular country.
Status of US Industrial Policies Over time, industrial policies in the United States of America have been a collection of economic policies that manifested themselves later on as unified political programs in the 1980s. In the presidential campaign of 1984 industrial policies were a major issue. Democrat candidates Gary Hart, Walter Mondale and Ernst Hollings were active supporters of a national industrial policy.
US Industrial Policies in 1791 In 1791, the first industrial policy of the United States of America was handed over to Congress by Alexander Hamilton who was the Secretary of the Treasury at that time. This proposal consisted of a number of things like tariffs, tax exemptions, export restrictions, government subsidies, infrastructure improvements and a lot more. Since then, the country has developed a lot and at present it is one of the major economies.
US Industrial Policies in 1985 One of the significant moves was taken in 1985 when the country followed an aggressive industrial policy that was known as "aggressive unilateralism." According to this particular industrial policy, the country asked the trading partners to provide it with open markets for exporting several commodities and also for making investments in different sectors of the particular country. As a part of their industrial policy, the United States of America has also concentrated on developing new technologies so that the growth of the US industrial sector can be stimulated further.
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Nouriel Roubini, a.k.a. “Doctor Doom”, is chairman of Roubini Global Economics and professor of economics at New York University’s Stern School of Business. Roubini has been consistently cited as one of the world’s top global thinkers. This year, he was voted as the most influential economist in the world by Forbes magazine.
CEO and co-CIO of PIMCO. Served as President and CEO of the Harvard Management Company for 2 years, while also working at the IMF for 15 years. In 2008, his book "When Markets Collide", won the Financial Times award for Business Book of The Year in addition to being named as the one of the best business books of all time by The Independent.
Andrea Edwards has worked in marketing and communications all over the globe for 20 years, and is now focused on her passion – writing. A gifted communicator, strategist, writer and avid blogger, Andrea is Managing Director of SAJE, a digital communications agency, and The Writers Shop – a regional collaboration between the best business writers in Asia Pacific