The Bloomberg podcast Odd Lots co-hosted by Joe Weisenthal and Tracy Alloway had a recent episode that featured guests David Oks and Henry Williams on development, industrialization, and globalization. At timestamp 6:58 Weisenthal asked, “what’s so special about manufacturing?” Willaims replied, “basically when you start manufacturing, you enter a process where long term your manufacturing productivity is going to converge with the global average and with the rest of the world. And so what that means is that manufacturing can really increase your national economic productivity. But in addition to that, it also absorbs a lot of surplus labor and it drives a broader process of economic complexification density and urbanization. That means that you get these economic cores that then create richer citizens.” This a fine answer to that question and both Williams and Oks go into further detail and nuance on the role of industrialization in development contrasting mainstream neoliberal economic narratives. I highly recommend giving it a listen.
What’s So Special About Manufacturing?
What’s So Special About Manufacturing?
What’s So Special About Manufacturing?
The Bloomberg podcast Odd Lots co-hosted by Joe Weisenthal and Tracy Alloway had a recent episode that featured guests David Oks and Henry Williams on development, industrialization, and globalization. At timestamp 6:58 Weisenthal asked, “what’s so special about manufacturing?” Willaims replied, “basically when you start manufacturing, you enter a process where long term your manufacturing productivity is going to converge with the global average and with the rest of the world. And so what that means is that manufacturing can really increase your national economic productivity. But in addition to that, it also absorbs a lot of surplus labor and it drives a broader process of economic complexification density and urbanization. That means that you get these economic cores that then create richer citizens.” This a fine answer to that question and both Williams and Oks go into further detail and nuance on the role of industrialization in development contrasting mainstream neoliberal economic narratives. I highly recommend giving it a listen.