Last week on the Dynamist, we spoke with several of the architects behind the Techno-Industrial Policy Playbook (TIPP). Part I covered key questions over regulation, trade policy, workforce development, investing in frontier science and technology, and how manufacturing can safeguard national security.

In Part II, we dive into one of the pillars of TIPP: Industrial Power. Austin Bishop and Julius Krein, co-founders of the New American Industrial Alliance, join Evan to tackle the tough questions underlying America's industrial revival. How should we balance factories that employ large numbers of workers versus highly automated, hyper-efficient plants? Should manufacturing focus more on military capabilities or products aimed at global markets? And given the gap between investor expectations and the reality of manufacturing returns, how can we realistically finance this industrial renewal?

COVID laid bare just how vulnerable we've become through dependence on foreign supply chains—particularly those controlled by geopolitical rivals. Krein and Bishop argue that it's time to rebuild the industrial foundations America traded away for cheap consumer goods and service-sector jobs. The proposed solution involves innovative financial structures inspired by sovereign wealth funds and a reshaped private equity model designed for the long haul. But can these strategies compete when tech giants like Amazon, Apple, and Google are already constructing their own supply chains and new industrial policies languish in Washington conference rooms?

Evan explores with Bishop and Krein whether America still has time—and political will—to regain control over its industrial destiny, or if decades of decline have already pushed us too far behind.