Manufacturing Advances
In the past, the United States was a manufacturing-based economy. However, due to the rising costs of technology and the effects of globalization, most manufacturing went overseas, even though certain segments within the manufacturing industry have remained in the United States, such as high-end production that requires specialized capabilities. Though shifts in politics and international security may lead to more manufacturing happening within the United States in the future, international partners will always be necessary to provide components for production. Globalization is a critical matter for international businesses. Read this chapter and focus on the trends in global business over the past few decades. Are these trends going to continue, or could we see changes as nations start to become more isolationist in an attempt to protect jobs?
Summary of Learning Outcomes
- What key trends are affecting the way companies manage production and operations?
Data show the U.S. economy steaming steadily ahead, but dramatic advances in technology, predicted worker shortages, and global competition create challenges for the future. How will companies balance their technology and workforce needs? Will the United States maintain its lead in the ongoing war for leadership in innovation? And what should it be doing to convert today's students into tomorrow's innovators and scientists? Surveys indicate that finding qualified workers continues to be a major concern facing U.S. industry today. If the United States is to maintain its competitive edge, more private and federal investment is needed for science and research. And what of the increasingly crucial role of technology? These are some of the trends facing companies today.