For three years, we really have not had a clear idea of Barack Obama’s economic philosophy. Contrary to his Republican critics, he is not a socialist or a mindless big spender and regulator, but neither is he a pure free market kind of guy. In recent months, we have started to get an idea of what Obama actually is: a believer in what used to be called “industrial policy.” In particular, he believes that manufacturing is something special and deserving of explicit government support.
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