Globalization and the High-Tech Policy Response makes the case that
U.S. economic growth policy has not responded to the growing
competitive pressures from globalization. Specifically, the federal
government has placed excessive reliance on business-cycle
management and recently on trade barriers in the form of tariffs to
allegedly force access to foreign markets for U.S. firms and
repress unfair trade practices by foreign governments. The correct
policy response requires an investment-oriented approach that
targets the four major categories of assets that drive productivity
growth and hence incomes: (1) technology, (2) physical and
intellectual capital (hardware and software), (3) skilled labor,
and (4) a high-tech infrastructure to support the first three asset
categories. The focus of this monograph is the characterization of
these four asset categories and the economic rationales for
emphasizing investment in them. It systematically documents and
analyzes the set of policies and investment trends and resulting
impacts on rates of growth over the post World War II era. These
trends highlight a very inadequate growth policy, which is the
result of failing to admit that America's dominant post-war
position in the global economy has been steadily eroded by superior
growth strategies in other economies.
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