In this episode of Power and Consequences, Simon Johnson and Gary Gensler discuss whether Industrial Policy makes sense for modern America. Over the past 250 years, the US has often said “we don’t do industrial policy”, but – arguably – the US has used industrial policy in every decade of its history. The question now is: what version will maintain political support? Everyone wants to strengthen national security and economic resiliency, but how much efficiency or fiscal resources is the US willing to sacrifice? How much are we willing to pay to promote sectors that we regard as strategically important?