And That’s Why We Think It’s Worth Talking About
America has long been the source of manufacturing innovation and we are still on the cutting edge of biomedical manufacturing, and many other varieties, however, developing countries are catching up fast. China has come a long way from it’s communist roots and with its slow shift to a more capitalistic way of thinking, it’s manufacturing innovation has developed as well. The rise of Chinese manufacturing is important to look at because they are experiencing faster growth than the U.S. is. There are important lessons to be learned from the how and why of their growth.
See a Short History of Chinese Manufacturing:
According to the UNIDO Quarterly Report, “During the last quarter of 2013, the manufacturing output of East Asia rose by 4.0 per cent, Europe by 1.5 per cent and North America by 2.9 per cent. This was the first time since 2011 when an absolute increase in Europe’s manufacturing output was recorded. The manufacturing output rose in major European economies, including in France, Germany, Italy, and the United Kingdom. Outside Europe, the manufacturing output increased in Japan by 4.9 per cent, Malaysia by 4.7 per cent, and the United States by 3.0 per cent. ”
The Big Question is: How Do We Get The U.S. Back To Competitive?
The answer to this question is the same as it is on a micro scale – Specialization.