Economists point of view versus Indutrialists point of view

Question 1
Mr. Crooks outlines that the United States of America needs to work a way forward to increasing competitiveness in manufacturing so as to improve its exporting capacity.  This is aimed at incorporating advanced manufacturing methods.
The president’s agenda to double exports can only be possible through a rigorous revival in the manufacturing sector. He identifies that the outer world has vast opportunities that can be exploited by manufacturing. However, he notes that exporting does not contribute a lot to the economy of the country since most companies produce outside the US and sell their products there.

Mr. Crooks notes that the overvalued dollar has made it hard for the US exporters to survive while it has favored foreign countries to export. He finds that due to this, American businesses are unused to selling internationally. This situation is witnessed in the business relations between the United States and China.
Mr. Crooks finds that US companies have been inactive in the signing of pacts in the international trade while the world is busy transacting in international business, he finds that we have concentrated on local consumption, therefore, compromising on its exporting capacity.
The barriers to exporting in America have been noted to be majorly on tariff barriers. However, this can be challenged that the presence of such regulations that curtail the growth of exporting sector is an act of the same government. Mr. Crooks points out that a problem for US manufacturers is an insufficiently skilled and educated workforce. When other sectors such as service industries have received the best technical training, a fraction of the population is equipped with manufacturing skills.
Mr. Crook identifies that emerging economies adopt modern systems whenever they enter into the manufacturing sector. This has the overall effect of reducing the relevance of us manufacturing in that they find it hard to compete with such new machinery and systems. They adopt new machinery and skills that are not being replenished at a similar rate in the US, therefore, making it hard for US manufacturers to continue production.








Question 2

The economist’s point of view is more agreeable to me compared to the industrialist’s point of view. In this scenario, the economists can be justified in the sense that the market dynamics should play to shape the business world. Centering attention on manufacturing may not only lead to misuse of resources but may undermine new business forms that may be on the frontier. As such it can be seen that the United States of America is the country that is gradually shifting from manufacturing to a knowledge and service industry.