In and out of vogue throughout US history, industrial base policy has reemerged as an arguably viable option to balance pursuit of prosperity and security in the global competitive environment. Other nations, notably China, Taiwan and South Korea have effectively used large government investment into sectors as diverse as shipbuilding, semiconductors, pharmaceuticals and rare earth minerals to effectively dominate global supply chains in these sectors. The CHIPS and Science Act and the DoD’s Defense Industrial Strategy are just two recent examples where the United States have taken a more aggressive industrial policy.  What has worked for the US in the past when it comes to industrial policy and what might work in the future? Can America remain loyal to long-held values like free trade while still designating winners and losers in the marketplace?