It's maybe also worth noting that business corporations were considered to be parastatal in the 1780's. That's when Hamilton conceived of his corporate "Society for the Establishment of Useful Manufactures." It, too, was intended as state policy correcting market failure: in this case, the inability of the small entrepreneurs of the time to take advantage of the Paterson waterfalls.
It's not Hamilton's fault that the Federal government did not have a source of revenue for first best industrial policy and so had to use tariffs. Joe Biden does not have that excuse.
Importing inexpensive EVs from China while we subsidize, the auto industry( Elon got subsidies from US government) or other key technologies ‘manufactures’, seems like a win win- keeping inflation down with inexpensive imports( thanks China) and gaining new skills and capabilities with new manufacturers. Will Trump follow Hamilton or a new path to prosperity by spending into the our economy. If there are unused real resources available inflation expectations should be minimal.
It's maybe also worth noting that business corporations were considered to be parastatal in the 1780's. That's when Hamilton conceived of his corporate "Society for the Establishment of Useful Manufactures." It, too, was intended as state policy correcting market failure: in this case, the inability of the small entrepreneurs of the time to take advantage of the Paterson waterfalls.
Touché...
It's not Hamilton's fault that the Federal government did not have a source of revenue for first best industrial policy and so had to use tariffs. Joe Biden does not have that excuse.
How does a JEP article miss something as evident as this? Where are the editors?
Importing inexpensive EVs from China while we subsidize, the auto industry( Elon got subsidies from US government) or other key technologies ‘manufactures’, seems like a win win- keeping inflation down with inexpensive imports( thanks China) and gaining new skills and capabilities with new manufacturers. Will Trump follow Hamilton or a new path to prosperity by spending into the our economy. If there are unused real resources available inflation expectations should be minimal.
So basically he was a proponent of import substitution?
Did he have any thoughts on the US eventually becoming an exporter of manufactures?