Competing in Advanced Manufacturing: The Need for Improved Growth Models and Policies

摘要

In the last two decades, a growing number of emerging economies first acquired manufacturing technology from external sources and subsequently built a capability to develop it internally, thereby becoming increasingly competitive in technology-based markets. In this process of global economic convergence, Asian economies in particular have combined increasing expertise in manufacturing technology with lower labor and capital costs to "hollow out" formerly US-dominated high-tech supply chains.The bottom line is that the United States has underinvested for several decades in a set of productivity-enhancing assets necessary for the long-term health of its manufacturing sector.