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Stagnation of Manufacturing Productivity in the United States - Essay Example
The most important factor for any nation in today's scenario is to be world leaders in the Manufacturing economy and not mere survivors. To gain lead the various factors that are involved in manufacturing productivity play a vital role. Manufacturing productivity has become one of the important reasons for the nation's economic development…
Later on it deals with the challenges faced by the economy and the probably solutions that were implemented in order to revive the Manufacturing aspects.
Unites states is considered to be one among the top ranking nations when it comes to Manufacturing Productivity. (Dept of Commerce, 2004). The citizens involved in the manufacturing production activities are considered to be the backbone of the American Economy to achieve a huge growth rate. An overall economic development can be achieved by good manufacturing productivity. Manufacturing productions is the major aspect of inventing and deploying the various technological trends, providing jobs to the numerous citizens of all ranges, and the developers usually end up investing a huge amount of resources in the economy depending on the market trends in the manufacturing sector thus forming the essential part of economic development aspects.
International trade can be always the major factor for the progress of global economy, and to overcome the extreme competitiveness the armaments utilized are manufactured goods. But the new technology trends involved with globalization have manifolds expanded the scope of competitiveness by demanding high rate of production to be the end result of minimized resources. The following have been quoted by (Kevin L. ...