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Yves here. Richard Vague describes how exports and manufacturing prowess have long depended on considerable government support for basic research. If the US wants to tame its trade deficit, more Federal funding of foundational R&D is a win-win, because it will also create higher-skilled, well-paid jobs. But the US is allergic to having an industrial policy, even though we have one by default via particular sectors getting lavish tax breaks, subsidies, and direct spending, such as real estate, arms-makers, Big Finance, and health care.
By Richard Vague, Acting Secretary of Banking and Securities, Commonwealth of Pennsylvania and Chair, The Governor’s Woods Foundation. Originally published at Democracy: A Journal of Ideas; cross posted from the Institute for New Economic Thinking website ....

United States , Commonwealth Of Pennsylvania , Republic Of , New York , Erie Canal , University Of Pennsylvania , South Korea , Abraham Lincoln , Donald Trump , Alexander Hamilton , Samuel Fb Morse , Vannevar Bush , Small Business Innovation Research , Transcontinental Railroad , National Science Foundation , Institute For New Economic , National Board Of Health , National Institutes Of Health , Illinois Central Railroad , School Of Engineering , Governor Woods Foundation , University Of California At Berkeley , Society For The Establishment Of Useful , Big Finance , Richard Vague , Acting Secretary ,