Washington, D.C. -- American policymakers are beginning to catch on: The domestic manufacturing industry is modernizing, and as a result transforming the economy.
A new report from the Economic Growth Program at the New America Foundation, entitled Value Added: America’s Manufacturing Future, explains why retaining domestic manufacturing is centrally important to the health of the economy, how technology continues to transform manufacturing, and what policy options leaders in Washington can pursue to capture the benefits.
The authors of the report, Michael Lind and Joshua Freedman, argue that the next generation of manufacturing will continue to be crucial to the economy, but it increasingly will not resemble the typical mass-production assembly lines that many Americans associate with manufacturing. Instead, advanced manufacturing, aided by information technology, and servitization, or the integration of services and manufacturing, will define the future of American manufacturing.
The report highlights the interaction between public policy, research, and businesses, and offers recommendations to support and bolster manufacturing. These include public purpose financing, a reevaluation of the role of businesses in technical education, and improved tax, energy, and regulatory policies.
“With the help of private sector innovation, academic creativity, enlightened public policy, and the understanding of an educated public,” the authors write, “American manufacturing can continue to lead the nation and the world to a more prosperous future.”
You can view the full report here.
The report is made possible with the support of General Electric. General Electric does not bear any responsibility for the content of the report.