1. What does the Inflation Reduction Act (IRA), which is referenced in the article, aim to achieve?
Sean: *US paying attention to issues and conflicts related to energy (e.g., conflict with China)
HJ: international law and industrial policy regarding economy of the certain countries
Jiwon: IRA are trying to achieve decarbonization by supporting sustainable energys and other priorities
2. Why does the author assert that the IRA's layout might not be ideal?
Jiwon: because the layout is not made by economist but rather politicians. What they prioritize is how pratical it is instead of the ideal effects or outcomes.
Sean: 1) US politicians 2) not ideal in economic sense (in terms of globalization, we trade with other countries but IRA works differently which goes out of the mainstream method)
HJ: I also agree with Sean. IRA is unstable in many aspects but especially in economics.
3. What function did industrial policies play in the East Asian countries' success?
Sean: not sure of the policies but believe that industrial development
HJ: IRA played a significant role in EA’s success
Jiwon: opened the market widely, brought a huge economic growth
4. What recommendation does the author offer to make sure that low- and middle-income countries have a more reasonable playing field?
HJ: Western gov. should create tools and environment that is suitable to bring changes
Jiwon: since IRA and CHIPS put low- and middle-income countries in a vulnerable position, Western government must create technical regulations and boundaries.