Industrial policy is back in vogue in America, on a grand scale. Applications have opened to companies for a share of the $39bn funding earmarked by last year’s $280bn US Chips and Science Act to build an advanced semiconductor manufacturing capability. Along with the $370bn subsidies for clean energy in the Inflation Reduction Act, the chips project is emblematic of the Biden administration’s approach. Putting the US back among the leaders in top-end chipmaking is likened to a new moonshot. But the White House is freighting it with additional policy aims that endanger the project’s chances of success.One rule of industrial policy is to use it sparingly. Governments in advanced economies have no business intervening widely to support “winners”. Achieving national security goals is one area where a state-led strategy and funding can sometimes be justified — and the White House has a defensible case that reducing US reliance on foreign-made microchips is vital.
产业政策在美国重新流行起来，而且手笔很大。去年2800亿美元的美国《芯片与科学法》(CHIPS and Science Act)指定用于建设先进半导体制造产能的390亿美元资金，已经开始接受企业申请。芯片项目，连同《降低通胀法》(Inflation Reduction Act)面向清洁能源的3700亿美元补贴一道，是拜登(Biden)政府策略的象征。让美国重新跻身高端芯片制造领域领头羊行列的努力，现在被人比作新的“登月计划”。但白宫正在为其附加额外的政策目标，而这些目标危及该项目的成功机会。