America Beyond 2001 | America Needs an Industrial Policy

In the 1990s, as we Americans face up to our relative economic decline in the world, economic conversion of the U.S. military sector will become a central issue.

The excesses of recent years, which have mortgaged our economy, swelled our budget deficit, and weakened our banking and insurance sectors, will, at last, force a national debate over reprioritization.

But this much-needed debate over post–Cold War priorities could be forestalled, if the congressional budget process continues in gridlock, with such heavy-handed (and ill-conceived) palliatives as the current,...

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