While as other economies developed, the US share of global production was bound to decline, I’m disturbed by the assumption that labor costs are the sole determinant of success. My contacts is that it is an article of faith in Washington is that the US can be competitive only in finance (and presumably in commodities businesses like agriculture). This story line is terribly convenient, since it gives diseased, greedy, and incompetent American managers and policymakers a free pass. The reason that the attitudes of policymakers matter is that, contrary to popular belief, we do not live in a mythical world of “free trade” but one of managed trade. Other advanced economies have either a formal or informal trade/economic strategy and seem to do better with it than we do? The Decline of Manufacturing in America: The Role of Government Neglect ☀
Tuesday 13 September 2011
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