Strategic Capitalism: Insights from Momentive CEO Craig Morrison

Table of Contents

1. Introduction
2. The Need for a Comprehensive Industrial Strategy
3. The Role of Free Markets in Industrial Policy
4. The Chinese System and its Advantages
5. Improving Democracy for Faster Decision-Making
6. The Political Impasse in the United States
7. The Role of Media in Polarizing Society
8. Conclusion

Strategic Capitalism: A New Economic Strategy for Winning the Capitalist Cold War

Welcome to the video series entitled "Strategic Capitalism". In this series, we will be gaining insights about Richard Devaney's latest book, "Strategic Capitalism: A New Economic Strategy for Winning the Capitalist Cold War". These short videos are interviews with senior executives and CEOs from a variety of industries, talking about what it will take for America to win the capitalist cold war.

Introduction

In this article, we will be discussing the need for a comprehensive industrial strategy in the United States. We will also explore the role of free markets in industrial policy, the advantages of the Chinese system, and how democracy can be improved for faster decision-making. Additionally, we will examine the political impasse in the United States and the role of media in polarizing society.

The Need for a Comprehensive Industrial Strategy

As a leader of one of America's largest manufacturing firms, Richard Devaney believes that the United States should make a major effort to rebuild the manufacturing sector. However, he acknowledges that the country does not need to be in every industry, as it may not have a competitive AdVantage. Devaney suggests that the focus should be on industries such as autos, steel, chemicals, and others that can be competitive.

Devaney also points out that the United States lacks a comprehensive, Cohesive industrial strategy. He believes that this is a byproduct of the absence of a tax policy that would allow the country to grow, a policy on raw materials and sourcing, and a policy on reacting to countries that are not practicing fair trade practices. Devaney suggests that setting up incentives for companies to invest in the country would be beneficial.

The Role of Free Markets in Industrial Policy

Devaney is a huge believer in free markets and believes that they have bred generations of successful entrepreneurs in the United States. However, he also believes that having a well-thought-out industrial strategy is not counter to free markets. Devaney suggests that a well-thought-out strategy around taxation, raw materials, and sourcing, and protecting that, and reacting to countries that are not practicing fair trade practices, can accelerate free markets and entrepreneurialism.

The Chinese System and its Advantages

Devaney acknowledges that the autocratic rule in China concentrates power into a much smaller group. If that group operates in an effective, efficient manner, decision-making and implementation can be expedited. Devaney believes that China's industrial policy has been impressive in the way they have implemented what they said they were going to do.

Improving Democracy for Faster Decision-Making

Devaney believes that the political impasse in the United States has become a roadblock to growth. He suggests that the polarization of society, caused by the proliferation of media, has made people more fractured rather than coming together to solve problems. Devaney believes that improving democracy for faster decision-making is necessary.

The Political Impasse in the United States

Devaney does not have an easy answer for the political impasse in the United States. He believes that the over-regulation of businesses and investment by businesses is slowing down decision-making. Devaney suggests that the media's polarization of society is driving people apart rather than bringing them together to solve problems.

The Role of Media in Polarizing Society

Devaney believes that the proliferation of media has caused specific segments of media to become polarizing. He suggests that people are becoming more fractured rather than coming together to solve problems.

Conclusion

In conclusion, Devaney believes that the United States needs a comprehensive, cohesive industrial strategy. He suggests that a well-thought-out strategy around taxation, raw materials, and sourcing, and protecting that, and reacting to countries that are not practicing fair trade practices, can accelerate free markets and entrepreneurialism. Devaney also believes that improving democracy for faster decision-making is necessary.