(via Moises Naim of The Atlantic)
According to Moises Naim’s article, despite the many stories predicting, lamenting, or celebrating the country’s decline, there are still ways in which America is gaining global influence, namely the manufacturing sector. According to the author, “The combination of lower energy prices, innovative information technologies, and advances in robotics and materials science are powering a manufacturing revolution that will reinvigorate the U.S. economy and make many of its industrial sectors the most competitive in the world.”
Information from Martin Baily and Barry Bosworth of the Brookings Institution suggests that U.S. industrial production has grown at the same rate, if not faster, than the overall economy for the past 50 years, and manufacturing has not lost importance in this growth. Naim believes there is a perceived industry decline due to great strides that have been made in productivity and efficiency not generating a proportional job increase in return.
“Most of the expansion of U.S. manufacturing has taken place in one specific sector: computers and electronics, while the 90 percent of manufacturing outside this branch -automobiles, aviation, appliances or chemicals, for example- is showing slower growth,” said Naim. While it is true that not everything is going as smoothly as desired in the United States economy and other areas, it is also true the country is not in a complete decline in the global realm.
To read the entire article from The Atlantic, please click here