Kamala Harris And A New Economic Vision

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In recent years, both parties have broken with a markets-know-best default setting. The question is, what comes next?

This new story has two themes — call them "build" and "balance." The first focuses on pointing and shaping markets toward worthy aims; the second corrects upstream power imbalances so that market outcomes are fairer and need less after-the-fact redistribution.

Let's start with "build." On one level, it literally means building things again — rebuilding America's physical, technology and energy infrastructure, using trillions of dollars in public investment to stimulate private dollars and create good unionized jobs to boot. This modernized revival of industrial policy is the heart of the Biden administration's legislative legacy, one that Ms. Harris can rightly take credit for.