Edited by John R. Bryson, Jennifer Clark and Vida Vanchan
Chapter 3: How does financialization affect manufacturing investment? Preliminary evidence from the US and UK
In both the US and UK, policymakers have been excited to see a small but significant increase in manufacturing activity and exports in their national economies. Although growth in manufacturing jobs continues to be unpredictable, the creation of manufacturing jobs has been particularly noticeable in light of the major job losses since the early 2000s. The job numbers are not dramatic, however. Approximately 500,000 manufacturing jobs were created in the US between 2009 and 2012 but they represent a fraction of the over 4 million jobs lost in manufacturing since 2000 (Levinson, 2013a). In the UK a recent increase in manufacturing jobs has been slower but exports have been increasing from traditional manufacturing centers, such as the North East (Aldrick, 2013). While not a cause for celebration, these trends have re-awakened interest in manufacturing. There is recognition in both the US and UK that manufacturing matters, not only because of the jobs it creates but also because of its stimulus to innovation and its contribution to exports and the balance of trade. National and regional policymakers are taking a new look at manufacturing and attempting to lure more production firms with promises of tax incentives and workforce training grants.
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