The Biden administration thinks it has broken the code on how to ramp up a reindustrialized American economy and fragmented world order for the 21st century. Will its strategy work? A growing chorus in the business community and think tanks are skeptical of its effort to scrap an economic order and fashion a new approach. Its agents of change are mostly the White House’s ambitious industrial policy — embodied in the $52 billion CHIPS and Science Act and the misnamed $390 billion Inflation Reduction Act (IRA) — aimed at reindustrializing a more inclusive U.S. economy and renewing a disjointed international economic order. In an important April 27 speech, White House National
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