The U.S. CHIPS and Science Act allocates more than $50 billion to strengthen the semiconductor industry in the hope of making the U.S. self-sufficient. But it is doubtful that the CHIPS Act will achieve its stated goals, much less that it should be used as a model for similar support to other industries.
While it is understandable that the U.S. wants to maintain its technological lead in chips, subsidizing large existing firms and government management of the industry almost certainly will not achieve that goal.
From Project Syndicate
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