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Does the U.S. Need Biden’s Clean Energy Industrial Policy to Compete with China?

Industrial policy—that is, government efforts to promote growth in specific sectors of the economy—has become increasingly popular with American policymakers. The latest example of industrial policy in action is President Biden’s $3 trillion American Jobs Plan. This plan will be one of the largest federal efforts ever to address climate change and is being lauded as essential to compete with China’s low-carbon transition. But while Biden’s aim is to increase competition with China, many of...

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