Daleep Singh on the Need for a US Industrial Policy Playbook

In this episode of Columbia Energy Exchange, Jason Bordoff sits down with Daleep Singh, former Deputy National Security Advisor for International Economics and current Vice Chair and Chief Global Economist at PGM, to discuss the urgent need for a structured U.S. industrial policy playbook. Singh argues that the era of market fundamentalism is over, and that targeted, disciplined government intervention is now essential to address market failures in critical sectors like clean energy, critical minerals, and advanced technology. Drawing on historical examples like DARPA and Operation Warp Speed, he emphasizes that successful industrial policy must be mission-driven, time-bound, and grounded in clear strategic objectives. He critiques the current ad-hoc nature of U.S. economic statecraft—encompassing tariffs, sanctions, and subsidies—and calls for a formal doctrine, institutional mechanisms like a sovereign wealth fund, and greater transparency to ensure accountability and long-term competitiveness. Singh also warns against the overuse of coercive tools like sanctions, which risk eroding the global dominance of the U.S. dollar and weakening international alliances. He advocates for a balanced approach that combines positive tools—like long-term investment vehicles and public-private partnerships—with strategic controls to counter China’s state-driven economic model, especially its use of overcapacity to undercut global competitors. The conversation underscores the need for a new framework that aligns economic, national, and energy security in an era of geopolitical fragmentation and technological competition.