The US economy is the world leader and continues to pull ahead of everyone else.
https://www.economist.com/leaders/2023/04/13/the-lessons-fro...
The US economy is the world leader and continues to pull ahead of everyone else.
https://www.economist.com/leaders/2023/04/13/the-lessons-fro...
Most screws these days are not screwed on by "bodies." They are screwed on by machine. Much of employment in manufacturing these days is in higher value work: operating CNC machines, maintaining robots and other machinery, engineering, and so on.
If manufacturing work is so low value and commodity, why do manufacturing jobs pay $20k more per person, on average, than service work?
Why does the manufacturing sector have annual average compensation of $70k, despite taking place in generally LCOL areas?
Do you look at a modern car and say: wow, what a low-value commodity good?
The Economist article you cite says nothing about manufacturing and does not support your point. In fact, when you look at the total output of manufacturing today versus 1947, it is about the same percentage of our GDP: even though manufacturing employment has dropped from 35% of Americans to less than 9% because of efficiency gains. The idea that manufacturing has disappeared from America is false and a myth.
I invite you to actually go tour a modern manufacturing facility with high speed robotic computer-controlled production lines. It may make you think differently about the physical comforts you depend on in your life.
Look at Germany as an example, they do a lot of manufacturing and they have an excellent quality of life. They also make things that are objectively much higher quality than what comes out of Asia.
We can have both, an educated knowledge worker base and a manufacturing workforce, they are not mutually exclusive.
Some manufacturing, yes. But most manufacturing is highly complex, starting with t he suppliers, supply lines, workers etc. And manufacturing often brings in itself innovation.
"of low value commodity bodies to screw things on"
Most manufacturing is not so easy. Stitch some shoes in Africa? Maybe but even this is hard to scale in this environment. Try to assemble a complex product there. Hell, you might not even have reliable power and have to start building your own power backups there.
Not talking about military dependencies. What if Taiwan returns to China and does not deliver Chips anymore? How much of the world market do they supply? 70%
That’s what this “made in China” initiative is tracking - moving up the value chain in China.
For example google extracts value from sellers. If those sellers themselves sell product made and developed in china. Then soon enough the Chinese system will move up the chain by use of competitive regulatory, skill, and supply chain advantages