The New Economics. Post World War I, America embarked upon rapid expansion of it's industial infrastructure. Accelerated this post WWII. Massive investments in innovation. Exported expertise in manufacturing and process management to developing world. Developing world created a labor cost savings for manufacturing. Less investment in innovation, more investment in labor cost savings (i.e. offshoring jobs). American manufacturing declines. Quality of manufactured goods declines. Costs of manufactured goods declines, then begins to rise as labor costs and shipping costs increase. American unemployment rises.
Time for a new industrial revolution. Investments need in innovation, lean manufacturing, higher production of high quality products with fewer workers, but more, and smaller, manufacturing plants. Highly automated, highly skilled workers making higher salaries, but producing more for less.
Requires major investment in infrastructure, worker training, education.
Regain American pre-emminence in manufacturing.
America = Innovation = Stronger Global Economy
