Global powers are increasingly shaping markets and taking equity positions in strategic industries. But recently, Washington’s role in the economy has expanded, with stakes in companies like Intel, different from its traditionally hands-off approach. Could strategic government investment be a source of strength and competitiveness—or should it remain a true last resort, preserving a system that allows markets to determine winners and losers? We debate: Government as Shareholder: Proactive Competitive Strategy or Last Resort? This debate was created in partnership with the Council on Foreign Relations and was recorded on May 18, 2026, at 6 PM. Arguing "Proactive Competitive Strategy": Laura Taylor-Kale, Senior Fellow for Geoeconomics and Defense at the Council of Foreign Relations and Former Assistant Secretary of Defense for Industrial Base Policy Richard Falkenrath, Senior Fellow for National Security at the Council on Foreign Relations; MJ Chung Distinguished Chair at the School of Advanced International Studies at Johns Hopkins University Arguing "Last Resort": Bob Pozen, Distinguished Senior Lecturer at MIT Sloan School of Management; Former President of Fidelity Investments Yasheng Huang, Epoch Foundation Professor of Global Economics and Management at the MIT Sloan School of Management; Author of "The Rise and the Fall of the EAST” Emmy award-winning journalist John Donvan moderates Join the conversation on Substack - share your perspective on this episode and subscribe to our weekly newsletter for curated insights from our debaters, moderators, and staff. Follow us on YouTube, Instagram, LinkedIn, X, Facebook, and TikTok to stay connected with our mission and ongoing debates. Learn more about your ad choices. Visit podcastchoices.com/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.