Industrial Policy

Industrial policy is defined in the Chairman's letter of invitation as the coordination of Federal fiscal, monetary, trade, regulatory, anti-trust and R&D policies. Coordination would be achieved by an organization like Japan's MITI. A related proposal calls for the creation of a government development bank to lend money at below market rates of interest to fast growing firms in technologically advanced industries, for the purpose of encouraging growth, and to firms in declining industries with the intention of smoothing the decline.