No Policy is Good Policy: A Radical Proposal for U.S. Industrial Policy

Kristi Spissinger, Walter Block and Robert McGee
Additional contact information
Kristi Spissinger: College of the Holy Cross
Walter Block: University of Central Arkansas

Industrial Organization from University Library of Munich, Germany

Abstract: There are three main paradigms that are the basis for the industrial policies throughout the world: institutionalism, Marxism, and free- enterprise. Of the three, two have been widely and intensively implemented and both of them have dismally failed. Institutionalism and Marxism either are, or have been, attempted to the fullest degree in the United States and abroad. Both have left nations struggling to find something better. The answer to this troublesome question is simple. No industrial policy is the best industrial policy. The classical liberals and libertarians have been arguing this since the days of Adam Smith, yet for the most part have been repeatedly dismissed. Critics have claimed their theories were unrealistic, and few nations have ever actually tried a policy close to laissez faire capitalism, at least in our century. If they had, there would not still be the quest for a better policy. This paper takes the position that it is time to learn from the previous mistakes and failures of government intervention. It is time to abolish industrial policy.

Keywords: industrial; policy; rent-seeking; protectionism (search for similar items in EconPapers)
JEL-codes: K2 L5 (search for similar items in EconPapers)
Pages: 24 pages
Date: 1998-05-31
Note: Type of Document - Word 6.0; prepared on Macintosh; to print on LaserWriter 4/600PS; pages: 24
References: Add references at CitEc
Citations:

Downloads: (external link)
https://econwpa.ub.uni-muenchen.de/econ-wp/io/papers/9805/9805003.doc.gz (application/msword)
https://econwpa.ub.uni-muenchen.de/econ-wp/io/papers/9805/9805003.html (text/html)
https://econwpa.ub.uni-muenchen.de/econ-wp/io/papers/9805/9805003.pdf (application/pdf)
https://econwpa.ub.uni-muenchen.de/econ-wp/io/papers/9805/9805003.ps.gz (application/postscript)

Related works:
Working Paper: No Policy is Good Policy: A Radical Proposal for U.S. Industrial Policy (1998)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpio:9805003

Access Statistics for this paper

More papers in Industrial Organization from University Library of Munich, Germany
Bibliographic data for series maintained by EconWPA ( this e-mail address is bad, please contact ).