Fundamental vectors of the Biden administration’s industrial policy: results of the first half of the presidential term

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Abstract

The article examines the two-year results of the implementation of the initiatives of the administration of President George. Biden to revive the industry. Arguments are given that prove the practical inconsistency of the arguments popular in the outgoing era of globalization and post-industrialism about the “natural” nature of the decline in the role of industry and the decrease in employment in this area. The main drivers of reindustrialization associated with the need to reduce the critical degree of dependence on imports of foreign goods and technologies are considered. Four main laws in the field of industrial policy adopted in 2021-2022 are considered, which determine the fundamental vectors of the U.S. development strategy in the field of industry, related to ensuring technological sovereignty and the revival of the regional approach in industrial development. Based on the latest data on job creation through reshoring and foreign direct investment, an assumption is made about the first successes of the industrial policy of J. Biden.

About the authors

Sergei A. Tolkachev

Financial University under the Government of the Russian Federation

Email: tsa2000@mail.ru
Moscow, Russian Federation

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