spe- cial interests rather than strategic intent." Which'special interests and favored constituen- cies are in the driver's seat will depend on which party is in power.
Any Republican industrial policy, Phillips maintains, "is likely to be 'half-baked1-grudg- ing, halfhearted, flawed by huge gaps, and bi- ased toward investors and financial markets." Any Democratic policy is bound to be "'over- done'-bureaucratic, out of touch with the dy- namics of business in a global economy,...