Until only a few years ago, talk of China as an innovator would have elicited scorn from most Western business and government leaders. The country was widely derided as a haven for copycats and pirates, or grudgingly acknowledged as an efficient manufacturing platform whose factories depended on the uneasy union of cheap Chinese labor and foreign technology.
As we approach the 10th anniversary of the global financial crisis, the world economy is showing encouraging signs of recovery, with GDP growth accelerating to 3.5 percent in 2017. Despite this positive development, leaders are facing major predicaments when it comes to economic policy. Uneven distribution of the benefits of economic progress, generational divides, rising income inequality in advanced economies, and increasing environmental degradation have heightened the sense that the economic policies of past years have not served citizens or society well.
The President signed into law the bipartisan American Innovation and Competiveness Act (AICA) (S. 3084). AICA represents a bicameral, bipartisan agreement that includes nine House Science Committee bills that passed the full House over the last two years, including H.R. 1806, the America COMPETES Reauthorization Act of 2015.
Industrial innovation has slowed down in the United States mainly because of imports from China, according to a recent study. The findings of the study support President-elect Donald Trump’s negative stance on free trade and globalization. But can Trump’s tougher trade policies alone help bring innovation back to the United States?