Every week, there’s a lot of positive press about the resurgence of innovation and manufacturing in America. But a story last week from Ralph Gomory offers a very different outlook about what’s happening in this important sector.
“We are allowing much of manufacturing, the great innovation engine that turns ideas into reality, to vanish quietly from our shores. Our global corporations may be benefiting from this; most Americans are not.”
Gomory doesn’t dispute the importance of innovation. But as he writes, “If our strategy is to generate new ideas that other countries acquire, either as the foundation of a new industry or to gain an advantage in an old one, we will have the expense and glory of being innovators, and they will have the resulting industries and economic benefits.”
Further, “many still proclaim that free trade benefits everyone and point as proof to lower prices for the imported Asian products. But lower prices are not low if you lose your job to get them ….”
Here in South Carolina, where automotive and aerospace manufacturing are driving our growth, it may be difficult to take an unbiased point of view about the article. But seen from a different perspective, it’s a very important national debate.
Note: “Fresh Ideas” are published each week by Countybank and its family of financial service companies. With financial centers in Greenville and Greenwood, Countybank has a team of highly engaged professionals ready to bring a full scope of financial solutions designed to help families and business owners reach their goals.