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Deindustrialization from the Center Perspective: US Trade and Manufacturing in the Last Two Decades

Author

Listed:
  • Nikolaos Rodousakis
  • Giuliano Toshiro Yajima
  • George Soklis

Abstract

We argue that the US trade and industry sector has experienced several unsustainable sectoral processes, including (i) a fall in the trade balance in machinery and equipment and high-tech (HT) industries, (ii) a rise in import multipliers in machinery and equipment and HT industries, (iii) a fall in the manufacturing share of GDP in machinery and equipment and HT industries, (iv) a rise in commodities share of GDP, (v) a fall in the wage share, (vi) structural shifts in the consumption share of wages, and (vii) a fall in employment multipliers for the US, particularly in manufacturing. To address these issues, the US must shift toward a more sustainable and value-added economy with a focus on innovation and investment in high-tech industries, renewable energy, and sustainable agriculture. Additionally, policies must be put in place to address the negative impacts of resource extraction and to promote a more equitable distribution of income and wealth.

Suggested Citation

  • Nikolaos Rodousakis & Giuliano Toshiro Yajima & George Soklis, 2024. "Deindustrialization from the Center Perspective: US Trade and Manufacturing in the Last Two Decades," Economics Working Paper Archive wp_1049, Levy Economics Institute.
    • Handle: RePEc:lev:wrkpap:wp_1049
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    JEL classification:

    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis
    • O25 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Industrial Policy
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution

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