The Export-Import Bank’s China Program Lacks Vision

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Industrial policy that uses tariffs and subsidies to pick economic winners is once again in vogue among intellectuals. The rationale is to prevent China from “dominating” the global market with its subsidies while boosting American jobs and manufacturing. While I believe it’s unwise to mimic China’s policies to tamp down the danger of its authoritarianism, I’m amazed at cynics who support such policies but make no effort to adopt a serious strategic plan to achieve this goal.

To see why, look no further than their sudden conviction that the New Deal-era U.S. Export-Import (Ex-Im) Bank, Uncle Sam’s

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