The Promise of American Industry: An Alternative Assessment of Problems and Prospects

(Hardback)

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Although the trade and budget deficits, foreign purchases of U.S. corporations, and generally negative economic reports have received much attention in the press and business literature, Losman and Liang argue that the facts demand a more balanced perspective and that the economic future of the U.S. is far less troubled than public discussions imply. In this volume, they both provide a framework for an alternative analysis of American industry and present the supporting economic data. Focusing primarily on the manufacturing sector, the authors examine the effects of such influences as increased foreign competition, technological advances, mergers and acquisitions, and the changing position of the United States in the world economy. They reveal that although the once unchallenged preeminence of the United States economy and its industrial capabilities is clearly a thing of the past, American industry has been unduly maligned. It still exhibits major strengths and vibrance, with positive changes currently taking place. The study is divided into three parts. The authors begin by describing the nature of the industrial sector and offering a profile of U.S. industry. Individual chapters are devoted to the relationship between government and industry, technology developments, productivity issues, international influences, and the performance of U.S. industry. Part Two consists of two in-depth case studies. The first, on the U.S. steel industry, explores both its international position and the contributions made by the industry to our national defense capabilities. In the second study, the status and condition of the machine tool industry, a sector in serious trouble, is examined. The final chapter dispels some widely held fears about the future of American industry while pointing to the challenges which must be met if the manufactring sector is to remain a viable competitor in the global economy. Students of management and economics as well as policymakers concerned about America's future economic prospects will find this book enlightening reading.

Reviews

.,."You do not have to be an economist to find this a readable and encouraging challenge to myths concerning America's competitiveness...In the process, it offers illuminating insights into the complexities of the rarely examined defense industrial base."-Jack N. Merritt General, USA Ret. Executive Vice President Association of the United States Army
"The Promise of American Industry is a careful appraisal of America's industrial and defense capabilities and problems. It should be required reading as an antidote to the books stressing America's inevitable decline."-Allan Meltzer John M. Olin Professor of Political Economy Carnegie-Mellon University and Visiting Scholar American Enterprise Institute
"This powerful study explodes numerous myths concerning American industry and competitiveness. It proves that American manufacturing is alive and well and undergoing appropriate restructuring, and that we have nothing to fear and much to gain from foreign trade."-Thomas E. Petri, Member of Congress
Losman and Liang have written a very timely and informative study of American industry. The authors provide an extensive amount of empirical information to analyze the effects on the changing structure of US industry of foreign competition, new technology, government, and the recent merger and acquisition wave. A unique contribution of this volume is the extensive data on defense-related industries, and the discussion of their role in the economy. In contrast to the recent writings of many alarmists, the authors provide a balanced view of both strengths and weaknesses in American industry. They discuss many of the challenges that must be met if American industry is to remain competitive in the international arena. This volume also contains interesting case studies of the US steel and machine tool industries, which have been troubled in recent years. Upper-division and graduate collections.-Choice
"Losman and Liang have written a very timely and informative study of American industry. The authors provide an extensive amount of empirical information to analyze the effects on the changing structure of US industry of foreign competition, new technology, government, and the recent merger and acquisition wave. A unique contribution of this volume is the extensive data on defense-related industries, and the discussion of their role in the economy. In contrast to the recent writings of many alarmists, the authors provide a balanced view of both strengths and weaknesses in American industry. They discuss many of the challenges that must be met if American industry is to remain competitive in the international arena. This volume also contains interesting case studies of the US steel and machine tool industries, which have been troubled in recent years. Upper-division and graduate collections."-Choice

Author Bio

DONALD L. LOSMAN is a Professor of Economics at the Industrial College of the Armed Forces, National Defense University. He has published three books and numerous articles in scholarly journals and newspapers. SHU-JAN LIANG is an Associate Professor of Economics at Loyola University, New Orleans. His current research concerns the structure and performance of U.S. service industries.