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April 28, 2016 10:00 pm

Manufacturing Jobs On Decline Around the World

Reader Koreantoast writes: The New York Times posted an interesting thought piece (paywalled, this link could help) on the changing nature of manufacturing globally and the impact it has on modern politics and economic development. Although manufacturing productivity has jumped tremendously over the last several decades, the overall global pool of manufacturing jobs is shrinking as automation and new industrial technologies has increased the production and supply of manufactured goods with fewer people at a rate faster than global demand can absorb. The analogy is the agricultural revolution of the last several centuries where greater amounts of food are being produced by fewer and fewer farmers, displacing many of them. How will industrialized nations manage the growing number of displaced, blue collar labor? Bigger impact globally is that the shrinking pool of manufacturing jobs globally is closing the traditional route of export-oriented manufacturing economy that many nations, particularly in East Asia, were able to use to lift their nations out of poverty. What happens to those nations that missed the boat?"The likelihood that we will get a manufacturing recovery is close to nil," Professor Stiglitz said. "We are more likely to have a smaller share of a shrinking pie."

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