America's fading manufacturing might

July 1, 2009

On this Fourth of July, as we celebrate our nation's independence, followed by generations of defending freedom, the Lexington Institute's Loren Thompson also shares some sobering thoughts about America's once-mighty manufacturing base.

Here's an excerpt: "America still hosts some of the biggest industrial companies in the world, but its economy is no longer dominated by manufacturing. It is ceding its role as a manufacturer to the rising industrial powers of Asia, and losing economic ground as a result. The CIA reported last year that, 'in terms of size, speed, and directional flow, the global shift in relative wealth and economic power now under way -- roughly from West to East -- is without precedent in modern history.'"

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