It’s the Technology Stupid
As the primary campaign hits manufacturing ravaged Ohio (at least in employment terms), it might be useful to consider that China is losing more manufacturing jobs than the United States. I think that message is worth repeating. Between 1995 and 2002, China “lost” 15 million manufacturing jobs while America “lost” 2 million. I’d like to see updated numbers.
- I put “lost” in scare quotes because of course these jobs are not lost, the economy is being transformed.
- Some blame the decline of U.S. manufacturing employment to a strong dollar policy (strong dollar makes US goods more expensive abroad), but remember that this cannot explain the decline in China’s Pearl River Delta, and it ignores the fact that the US is selling more manufactured output than at any time in its history.
- Technology, not unions or exchange rate, is the major driver in changes in the manufacturing sector.
- The changes wrought by technology are causing the same unrest elsewhere in the world as they seem to be causing in the midwest.