During the good old days, the manufacturing domain was accounting for a significant third of the American economy. Currently, only ten percent of workers in the U.S engage in the manufacturing industry. Andrew Smith, a manufacturing executive, mentions a number of factors that might have played a part in the domain’s decline. Speaking to U.S News recently, Smith talks of public policy, and how it has played its part in the above concern.
Who is to blame for the downfall of American manufacturing?
A conventional approach in the U.S manufacturing domain oversaw companies venture offshore in search of cheap labour, low operational costs together with the need to supply emerging markets developing across the globe. The approach in turn resulted in job loss, but nonetheless, that was not the only contributing factor. The “Sand in Gears” report conducted an assessment of the health care system, worker’s compensation programs, govt. regulations and labor policies revealing that the above factors resulted in a dire manufacturing environment within the U.S.