The rapid financing of the AI boom through massive corporate debt issuance is creating significant stress on global financial markets. This influx of private capital forces competition with government Treasury bonds, as AI companies offer higher yields than equivalent sovereign debt, thereby pushing up long-term interest rates. While this signals strong investment demand for AI, it raises concerns about systemic risk and the potential destabilization of core bond markets. Policymakers must navigate the tension between fueling critical technological growth and maintaining stable public borrowing costs to prevent a financial crisis.
Making Industrial Strategy Great Again
English Summary
The article argues that despite current political rhetoric favoring minimal government intervention, the historical reality of U.S. economic growth has been driven by active state support of emerging industries. It contrasts the limited-government 'Jeffersonian' ideal with the historically accurate 'Hamiltonian' model of state investment. Key evidence cited includes the Department of Defense's foundational funding of research that led to the Internet, demonstrating government's role in driving major technological advancements. The policy implication is that policymakers must adopt a proactive industrial strategy, recognizing that strategic government investment is necessary to maintain national competitiveness and drive innovation.
中文摘要
本文論述，儘管當前的政治言論傾向支持最小化政府干預，但美國經濟增長的歷史現實卻顯示，其動力來源始終是國家對新興產業的主動支持。文章將限制政府的「傑斐遜式」理想，與歷史上更準確的國家投資「漢密爾頓式」模式進行對比。文中引用的關鍵證據包括國防部（DoD）為基礎研究提供的資金，這些研究最終促成了網際網路的發展，證明了政府在推動重大技術進步中的核心作用。政策上的啟示是，政策制定者必須採取積極的產業策略，認識到戰略性的政府投資對於維持國家競爭力和推動創新是不可或缺的。
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