The View From 1776
Saturday, September 03, 2011
Obama Bombs In State-Planned Industrial Policy
At the beginning of modern socialism, in the 1820s, its founder Henri de Saint-Simon and his band of engineer followers, were confident that businessmen, motivated by profit, were too obtuse to promote innovation and scientific creativity in their fields. Saint-Simon’s engineers became our first social engineers, dedicated to the proposition that only government bureaucrats, who alone presumably would work for the public interest, were capable of selecting which companies and which industries should be promoted or allowed to operate in a good socialist society.
Europe’s government-favored companies since then seldom have competed successfully with their American counterparts (think Machine Bull vs IBM). Obama’s socialist industrial policy has been equally barren.