Home
/
RELIGION & LIBERTY ONLINE
/
Why J.D. Vance is bringing venture capital to the Rust Belt
Why J.D. Vance is bringing venture capital to the Rust Belt
Aug 15, 2026 7:03 AM

As Americans continue to face the disruptive effects of economic change, whether from technology, trade, or globalization, many have wondered how we might preserve or revivethe regions that have suffered most.

For progressives and populists alike, the solutions are predictably focused on a menu of government interventions, from trade barriers to wage minimums to salary caps to a range of regulatory constraints.

For conservatives and libertarians, the debate has less to do with policy and more to do with the arc of the individual choices at stake — namely, whether displaced workers should remain and re-invest in their munities or simply pack up and move to where prospects look rosier.

Last winter, Kevin Williamson lit a fire of sortsthat put the core, intra-conservative debate on full display, arguing heavily on the side of geographic mobility for the poor. “If the work is ing to the people, then the people have e to the work,” he wrote. “There is not a plausible third option.”

The subsequent debateincluded thedividing lines peting conservative camps that e to expect: “localists” vs. “traditionalists” vs. munitarian conservatives” vs. “dogmatic free marketeers,” and so on. Yet amid the tension about Williamson’s Option #2, and whether there’s an Option #3, conservatives are prone to forget that there’s plenty we can do with Option #1: Bring work to the people.

At least, that’s the strategy of J.D. Vance, author of the bestselling book, Hillbilly Elegy, which mixes memoir with social analysis to explorethe landscape of hisworking-class upbringing. (See Ray Nothstine’s reviewfor more.)

Now, after the success of his book and a stint as a venture capitalist in California, Vance plans to return to his home state of Ohio, where he’ll seek to invest in “neglected areas of the country,” from the Rust Belt to Appalachia.

In a recent Ricochet podcast, Vance counters the false choice that headlines the current debate, noting that while many of these areas have plenty of struggles, they also have plenty of untapped opportunity and human potential:

There’s a mistake in treating it as an either-or proposition, that you either have pletely discourage all geographic mobility or that you have pletely give up on these towns…

On the private sector side, I do think that there’s a real business opportunity in the fact that you have really significant differences in regional growth curves. When you think about, for example, that 80% of the venture capital goes to California, Massachusetts, and New York, I don’t necessarily think that 80% of the good business ideas are in those three states. I think there’s both an opportunity to do some good, but there’s also a market arbitrage opportunity in that really heavy capital focus in certain regions of the country.

Ohio may not be the next Silicon Valley, Vance continues, but it may have the potential to be the next Austin or Denver, offering fresh and innovative ideas to a country that’s consolidated and concentrated its wealth in coastal cities. “Is there an argument that there is good capital to be put to work, that there are good entrepreneurs to invest in in these areas, where you can make a good return, but also create good businesses in the process?” he asks. “I think the answer is yes.”

In the past few weeks, I’ve highlighted early evidence of such a shift, from Bluefield, West Virginia, to Cincinnati, Ohio. Yet, as Vance reminds us, this doesn’t mean that “moving home” or “investing back home” or “buying local” is a one-size-fits-all solution. Again, the beauty of Vance’s approach is that it doesn’t ignore the weight of the pressures at play, just as it doesn’t pretend that artificial

In a set of reflections on his decision to move back home, Vance emphasizes plicated web of decisions and exchanges that surround each of our vocational journeys, and the ways that geographic mobility can sometimes be the enabler of bringing us home.

Of course, not every town can or should be saved. Many people should leave struggling places in search of economic opportunity, and many of them won’t be able to return. Some people will move back to their hometowns; others, like me, will move back to their home state. The calculation will undoubtedly differ for each person, as it should. But those of us who are lucky enough to choose where we live would do well to ask ourselves, as part of that calculation, whether the choices we make for ourselves are necessarily the best for our munities — and for the country

It may very well be that Williamson is right: “If the work is ing to the people, then the people have e to the work.” The rate of geographic mobility is down, and both Williamson and Vance agree that this is represents its own range ofproblems.

But as we look for ways to spur municate the idea or the option geographic mobility tothose who feel trapped, we’d do well municate the same to those who fortably in the bastions of wealth. Surely they’ve developed their own set of blind spots and insular methods ofself-preservation.

Help the poor relocate? Yes. Help investors and entrepreneurs see economic opportunity where manyrefuse to look? Yes, indeed.

Photo: Abandoned Factory, Travis Wise(CC BY 2.0)

Comments
Welcome to mreligion comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
RELIGION & LIBERTY ONLINE
Judge Gorsuch, the rule of law, and David Foster Wallace’s fish
Embed from Getty Images “We’re now like David Foster Wallace’s fish,” said Judge Neil Gorsuch earlier today in his nomination hearing. “We’re surrounded by the rule of law, it’s in the fabric of our lives.” Gorsuch made a similar claim in an article on “Law’s Irony” for theHarvard Journal of Law & Public Policy. The judge wondered “whether the law’s greatest irony might just be the hope obscured by the cynic’s shadow” and “whether cynicism about the law flourishes so...
Pope Francis and populism: How Christian leaders should respond to populism
In a recent article for the Federalist, Samuel Gregg discusses Pope Francis’s ments on populism. Pope Francis explicitly denounces populism saying: “Populism is evil and ends badly, as the past century shows.” However, Gregg points out that many populist sentiments could be attributed to this Pope: Nor are some of Francis’s principal supporters averse to invoking populist language when defending his program for the Catholic Church. Consider, for example, Archbishop Victor Fernández. The Argentine theologian is close enough to the...
6 Quotes: Friedrich Hayek on economics and freedom
Yesterday was the 25th anniversary of the death of the Austrian and British economist Friedrich Hayek. Throughout his life the Nobel-winning philosopher defended civil liberties and political freedom and warned against the Keynesian welfare state and of totalitarian socialism. In honor of Hayek, here are six key quotes from his writings: On Faith in Freedom: Freedom necessarily means that many things will be done which we do not like. Our faith in freedom does not rest on the foreseeable results...
Venezuelans find a hero in big business
“Big business” has e a favorite target of public scorn and contempt in the United States, constantly decried for its impersonal forces, cronyist lobbying efforts, and supposed greed. In Venezuela, however, the country’s largest privately pany has e a leading face of anti-government resistance. In a country torn to shreds by the follies of socialism, Empresas Polar continues to thrive and survive despite a range of economic challenges and government pressures. The Caracas-based food and drink producer is beloved by...
Interview: Rev. Robert Sirico on Pope Francis and ‘Poverty Inc.’
In a recent interview on The Soul of Enterprise Radio Show, Acton President and Co-founder Rev. Robert Sirico spoke with Ron Baker and Ed Kless about the free economy and Acton’s unique role in upholding individual freedom and human dignity. In the first segment, Rev. Sirico discussed his book Defending the Free Market: The Moral Case for a Free Economy as well as its recent translation into Italian. Additionally, Ed asked Rev. Sirico about his meeting with Pope Francis. Rev....
Why it’s high time to bury Lenin
Inan article published todayatThe American Spectator, Acton Senior Editor Rev. Ben ments on the solemn centenary of the munist revolutionary Vladimir Lenin’s ascendancy to power. Rev. Johnson notes the Russian Orthodox Church’s distaste for the symbolism of the late dictator’s body being prominently displayed in the Kremlin: These century-old events continue to dominate the news in modern-day Russia, where leaders grapple with how to deal with one tangible legacy of the Marxist past: After his death in 1924 at the...
Explainer: Why you should care about ‘Chevron deference’
Embed from Getty Images Even if you’ve been closely following the Supreme Court nomination hearings of Judge Neil Gorsuch, you probably missed this seven-word statement by Democrat Amy Klobuchar: ““You were clearly talking about overturning Chevron.” Here’s what Sen. Klobuchar was talking about and why it matters. What is the Chevron the Senator is referring to? The pany? Yes, though indirectly. Chevron, the corporation, was the plaintiff in the landmark Supreme Court case Chevron U.S.A., Inc. v. Natural Resources Defense...
Understanding the President’s Cabinet: Interior Secretary
Note: This is the ninth in a weekly series of explanatory posts on the officials and agencies included in the President’s Cabinet. See the series introductionhere. Cabinet position: Secretary of the Interior Department: U.S. Department of the Interior Current Secretary: Ryan Zinke Succession:The Interior Secretary is eighth in the presidential line of succession. Department Mission:“The Department of the Interior protects and manages the Nation’s natural resources and cultural heritage; provides scientific and other information about those resources; and honors its...
Is foreign aid a sacred cow?
Last week a group of 106 faith leaders have collaborated on a letter they have signed and sent to the Democrat and Republican leadership of both houses of Congress. In this week’s Acton Commentary, Victor V. Claar explains that it hasn’t been aid that has lifted people out of poverty, but trade and access to markets. While many of the world’s politicians would like to take credit for cutting extreme global poverty in half in just 20 years, and the...
Radio Free Acton: Scott Lincicome on how free trade benefits everyone
On this edition of Radio Free Acton, international trade attorney and Cato Institute Adjunct Scholar Scott e joins us to give us the real story on the benefits of international trade for the United States, and dispels some myths about the impacts of trade on U.S. industry and consumers. Often, free trade is portrayed as the enemy of American workers, stealing away jobs and creating massive trade deficits. e explains that while free trade does contribute to the process of...
Related Classification
Copyright 2023-2026 - www.mreligion.com All Rights Reserved