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You make a fair point, however I don’t think “wall street chose not to subsidize the US steel industry” is quite the same thing as “Wall Street chose to move st
by comte7092 4y ago
You make a fair point, however I don’t think “wall street chose not to subsidize the US steel industry” is quite the same thing as “Wall Street chose to move steel production outside of the US”.
Wall Street isn’t a vehicle for national industrial policy, if anything that lies at the feet of Congress.
- kragen 4y agowell, wall street didn't expect high returns from the steel industry in the us one of the things that distinguishes capitalism from other economic systems is that national industrial policy (in the sense of allocation of scarce resources to future productive endeavors) is determined by private investors, not the state