Research Handbooks in Business and Management series
Edited by John R. Bryson, Jennifer Clark and Vida Vanchan
Chapter 14: New geographies of advanced manufacturing: the case of machine tools
The manufacturing sector endures as an important element of economic development, even as its employment numbers shrink in many countries. Through to the present, manufacturing has served as a means of economic growth, increased international trade, and human capital expansion in a number of emerging economies. In mature market economies, the secondary sector still has considerable impacts, as evidenced by increased value-added per worker and the multiplier effects of this sector. Linked to wider manufacturing activities are machine tools, which are a critical component of most advanced industrial processes, especially within metalworking. A common definition holds that, “A machine tool is a power-driven machine, not hand-held, that is used to cut, form or shape metal” (Association for Manufacturing Technology (AMT) 2002); common examples of machine tools include industrial presses, lathes, machining centers, and grinders. Given this definition, one can find these key capital goods in a wide range of industrial operations, serving numerous critical tasks.
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