Hi Bolaji - not quite sure that Mckinsey would agree with your characterization in the lead-in sentence to your article (see below) that they are a market research firm!
Manufacturing, says "market research firm" McKinsey, is essential to a nation or region and its presence or absence can have some significant impact on an economic area.
In reality they "bill" themselves as - "McKinsey & Company is a global management consulting firm. We are the trusted advisor to the world's leading businesses, governments, and institutions."
Regards, Mike Cowan
It is much more complicated than just "bringing manufacturing back." We need to take a hard look at restructuring society so that we have people do things that they can reasonably do with their skill set and intelligence. Then we can establish tiers of occupations that better suit human temperment and true needs rather than try to rush everyone into the 21st century against their will/desires or capabilities.
In many ways, we have allowed progress to race ahead before we are prepared to assimilate the changes. That speed leaves almost everyone lost and confused, hence the difficulties we have in finding a balance.
Just my opinion.
So now the economy of the US has to dance to the perodic mood shifts of the arrogant MBAs at McKinsey and their ilk ? For the snake of sourcin that they peddled for 2 decades and caused such havoc, these white collar CRIMINALS deserve to be flogged in public.
And while at it, shut down Harvard and other top B schools too - they are the leading breeding ground for these sociopaths with College degrees ( the MBAs ) who have been busy outdoing even "Gordon Gecko".
What a well put point. Something that I often have had difficulty properly communicating. This started with the push away from trades (what a mistake) and continues today with the overwhelming desire to have things at less than their societal value.
History always repeats itself - countries which neglected production of real goods in the past in favor of financialization and speculation (Holland, Spain, UK) paid for it once their self-created bubbles burst.
Very interesting article. I am glad the need for keeping manufacturing in US and Europe is gaining more attention in recent times. Take a look at a case of Germany - this country has a strong tradition of manufacturing and it's really helping them right now.
The link to the McKinsey report is broken, it should be updated to:
For many many years, mainstream American business "experts" and pundits have intoned that manufacturing belonged to the 20th century (not the 21st), that it didn't comport with the so-called information economy, and that -- in any event -- the US can't compete and catch up with low-cost producers abroad. Even President Obama has parroted his variation on this theme -- that jobs that are lost aren't going to come back.
Well, Japan was once "behind" the US. So were Korea, Taiwan, China, and others. Evidently, their business leaders didn't moan that they couldn't catch up with the leaders. They started essentially from scratch, and more than caught up.
American business and opinion "leaders" have been made of different stuff. Why? And why should they not lose their halos as people before whose opinions we should genuflect?