Yes, Alexander Hamilton. Long before he was associated with theatrical hip-hop, former Treasury Secretary Hamilton called for policies that sound familiar to us today. Like Representative Ocasio-Cortez, he wanted massive federal spending on new infrastructure. Like Donald Trump, he believed that very high tariffs can nurture American manufacturing. And like Elizabeth Warren, he was willing to bend the Constitution to reform the financial system.
Hamilton, in short, successfully used the power of the federal government to boost manufacturing, to pick winners and losers, and to shape the fate of the U.S. economy. He is the father of American industrial policy: the set of laws and regulations that say the federal government can guide economic growth without micromanaging it. And the Green New Deal, for all its socialist regalia, only makes sense in light of his capitalistic work.
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“This goes back to Hamilton, the daddy of it all,” says Stephen Cohen, a professor of city and regional planning at UC Berkeley. He argues that industrial policy has birthed the transcontinental railroad, the cookie-cutter suburb, the home appliance, and the computer—nearly every major American economic transition since 1776.
In short, the Green New Deal’s supporters hope that industrial policy can now bring forth another transition—to cheaper energy, faster trains, and an altogether more climate-friendly economy. “The core of the Green New Deal, if you just look at the projects, is just like industrial policy, industrial policy, industrial policy,” says Rhiana Gunn-Wright, a policy researcher at the think tank New Consensus who helped draft Ocasio-Cortez’s proposal. “It’s very, very, very central. The Green New Deal is one of the largest interventions in U.S. industrial policy in a long time.”
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