active pharmaceutical ingredients (API), 129
advanced technology industries (ATIs), 43–46, 126, 132, 169–170, 200
airlines, 98
American Dream, 1
American innovation, 169
American Welding Society, 110
antimonopoly laws, 126
Antitrust Paradox, The (Bork), 101
ARPANET, 167
automating, 109
auto parts, 130
Autor, D., 184
Banzai, W., 65
basic and applied research, 167–168
basic research, 168
Baxter, W. F., 102
Berger, S., 62
Biden, J., 13, 39, 43, 54, 83, 84, 104, 105, 129, 130, 135–138, 151, 152, 154, 157, 191–194, 197, 198, 201, 202, 209–214
Blumenauer, E., 134
Bork, R., 101
Boskin, M., 114
Boudreaux, D., 31
Build Back Better Bill, 209, 210
Build Back Better Plan, 191–192
Bureau of Labor Statistics (BLS), 21–22, 49, 50, 109, 115, 116, 141, 192
Bureau of Public Debt, 62
Bush, G. H., 114
Bush, G. W., 78–80, 82, 102, 123, 156
Business Roundtable, 91
buying services, 109
Campbell, K., 124
capital gains rate, 213
capital investment, 63
capitalism, 6, 14–15, 74, 97, 102–104, 179–180
CARES Act, 82
Carrier air conditioner plant, 71
Casselman, B., 161
castings, 53
Central American Free Trade Agreement (CAFTA), 11–12, 115
Chen Weihua, 136
“Made in China 2025” plan, 132, 139, 170, 192
MNCs, 140
tariffs permanent, 201
Chinese Communist Party (CCP), 121, 124, 136, 138, 140
Chips for America Act, 134
classic economic theory, 31
claw back, 210
Clinton, B., 4, 7, 33–34, 54, 59, 72, 79, 102, 121, 123, 156, 183
Coalition for a Prosperous America (CPA), 116–117, 155, 157, 177, 187, 195, 200
Coffin, D., 130
Coming of Post-Industrial Society, The (Bell), 5, 113
Commodity Futures Modernization Act (2000), 59
Competitiveness toolkit, 199–200
Congressional Executive Commission on China (CECC), 183
Congressional Research Service (CRS), 12, 85, 86
contract workers, 22
corporate raider approach, 68
countervailing duties (CVDs), 197
Country of Origin Labeling Online Act (COOL), 135
Court of International Trade (CIT), 136
COVID-19 pandemic, 90, 128, 129, 131, 191
credit, 68
critical industries, 200
currency manipulation, 8, 15, 37, 39, 54, 73, 90, 123, 125, 151–157, 159, 170, 192–194, 197, 204
debt, 9–10, 27, 38, 39, 60–65, 71, 75, 76, 78, 146–148, 155, 156, 181, 193, 197, 209, 210
to GDP ratio, 62
decoupling from China, 139, 205–208
Defense Production Act, 207
deindustrialization, 10, 15, 115, 139, 142, 156, 162, 182–183, 185, 197
Delay, T., 89
Democratic Capitalism, 176
Department of Labor Statistics (DOL), 36, 91, 92, 107, 109
deregulation, 57–60, 67, 68, 101, 178, 185
derivatives, 213
Dimicco, D., 131
Domestic Market Share Index (DMSI), 187
Donhoff, W., 24
Dorn, D., 184
dumping, 126
DuPont Chemical, 70
economic growth, 32, 34, 37, 41, 43, 44, 62, 78–80, 87, 104, 114, 117, 132, 141, 142, 146–149, 157, 163, 169, 176, 185
Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), 78
economic inequality. See inequality Economic Policy Institute, 3, 11, 19, 26, 27, 34, 35, 80, 115, 141, 154, 185
Economic Recovery and Tax Act (1981), 77
economic theory, 32, 80, 87, 152
Economy, E., 122
energy industries, 92
entry-level workers, 107
espionage, 127
evasion of export control laws, 127
Executive order 14032, 135
fair share of taxes, 181
federal basic and applied research, 186–187
FED EX, 107
FICA tax, 212
fiduciary rule, 91
financialization, 57, 59–62, 64–65, 68, 72–74, 180–181
Financial Services Modernization Act (1999), 59
financial speculation, 4
financial transaction tax (FTT), 212
Fiorina, C., 13
five tax laws, 84
Folly of Free Trade, The (Culbertson), 32
forging, 53
Foroohar, R., 67
Fortune 100
companies, 93
Free Market Capitalism (FMC), 64, 68, 69, 74, 104, 118, 121, 178
free trade agreements (FTAs), 4, 11, 33–35, 37, 142, 182, 202
Froman, M., 144
Gardner Intelligence, 50
Garn-St. Germaine Depository Institution Act (1982), 59
GATT bound tariff rates, 158
Geithner, T., 156
General Motors, 12, 35, 180, 202
Germany, 14
Glaser, Bonnie, 127
Glass–Steagall Act (1999), 75, 98
Glass–Steagall Act, The (1933), 59
Global Minimum Corporate Tax, 210
Goldman Sachs, 69
Gorsky, A., 215
Gramm, P., 59
Grassley, C., 86
Great Recession, 27, 60, 61, 69
Great Reckoning, The (Pettis), 197
gross domestic product (GDP), 9, 14, 17, 35, 36, 57, 58, 61–64, 76, 80, 87, 143, 146–148, 157, 167, 168, 171, 181, 187, 193, 200, 202, 203
Hansen, J., 193
Harvard Business Review, 22, 131
Hawley, J., 139
H-1B foreign visa workers, 109
hedge funds, 213
highly skilled jobs, 108
Holder, E., 70
Holding Foreign Companies Accountable Act, The (2021), 135
Holland, M., 50
hospitals, 99
hurdle rate, 213
IBM, 71
Icahn, C., 70
ignoring patents, 126
imports, 201
Import Security and Fairness Act, 134
industrial commons, 54, 163, 165, 166
industrial policy and plan, 191–192
inequality
information, communication, and telecommunications (ICT), 45, 46, 170
Information Technology and Innovation Foundation (ITIF), 168, 201
Infrastructure Investment and Jobs Act (IIJA), 118
innovation, 63
Institute for Taxation and Economic Policy, 83–84
intellectual property (IP) theft, 126, 127, 133, 139, 170, 201, 204, 205, 208–209
International Monetary Fund, 154
International Trade Commission (ITC), 34–36, 202
International Trade Statistics, 161–162
Is U.S. Manufacturing Losing Its Tool Box?, 172
Jenkins, N., 205
Job Quality Index (JQI), 23–24, 116, 117
Jobs and Growth Tax Relief and Reconciliation Act (2003), 78–79
Klobuchar, A., 105
labor costs, 2, 18–19, 28, 71, 177, 180
labor productivity, 9, 141–142, 146
Laffer Curve, 84
Leopold, L., 58
Lew, J., 123
lobbying
power, 5
problem of, 94
spenders of 2016, 95
Lynn, D., 206
machine/machining, 50
shops, 109
tools, 50
McKinsey Global Institute, 188, 189
Made in China 2025, 45, 132, 170
magnetic resonance imaging (MRI), 167, 168
maintenance, 110
Manchin, J., 92
The Manufacturer’s Guide to Business Marketing, 175
jobs, 193
sector, 14, 15, 49, 54, 63, 74, 108, 110, 113, 133, 139, 143, 159, 169–173, 192, 196, 203
Manufacturing Institute (MI), 7, 107, 108, 119, 213, 214
market access charge, 197
measurable objectives, 193–203
meatpackers, 99
medical products, 129
Microsoft, 99
mining minerals and metals, 130
Mnuchin, S., 80
mold making, 110
money gambit, 180
money laundering, 69
monopolies, 6, 96–103, 105, 126, 179
Mulloy, P. A., 126
multinational corporations (MNCs), 1, 2, 4, 7, 15, 47, 54, 88, 97, 110, 121, 140, 146, 154, 165, 166, 172, 176, 177, 182, 188, 189
Mundaca, M., 80
Myerson, H., 173
NAICS industry data, 36, 51–52, 109
National Labor Relations Board (NLRB), 91
negotiation, 131
neodymium magnets, 130
Nixon, R., 154
Non Governmental Organization (NGOs), 200
North American Free Trade Agreement (NAFTA), 4, 11, 12, 33–34, 115, 144
“No Tax Breaks for Outsourcing Act,” 82
Obama, B., 34, 41, 46, 54, 92, 102, 123, 124, 153, 169, 170, 196, 200
Office of Apprenticeships, 110
Office of Management and Budget, 211
Office of Management and Budget (OMB), 135
oil and gas, 100
oligopolies, 6, 60, 74, 97–99, 101–105, 179
Orphan Drug Act (ODA), 100
outsourcing, 2, 11–12, 109, 179
policies, 13
production, 170
tax deductions for, 82
Overseas Tax Havens, 82
overvalued dollar, 54, 152, 154, 155, 194
Palmisano, S., 71
Paulson, H., 156
Pelosi, N., 184
penalties, 133
Permanent Normal Trade Relations (PNTR), 183, 206
Perot, R., 4
personal protective equipment (PPE) products, 130, 191
Pettis, M., 197
pharmaceuticals, 129
Picketty, T., 29
poaching trained workers, 109
postindustrial economy, 28, 114, 115, 183
postindustrial service economy, 5, 114–115, 117, 161, 173, 182, 185
Price, T. R., 137
private equity, 68, 70, 71, 75
Producing Prosperity (Shih and Pisano), 162–165
Production and Non-Supervisory positions (P&NS), 117
productivity, 3
decline of, 9
and workers compensation, 3
product testing, 126
pro-trade deficit arguments, 144–145
public company boards, 70
Questor, 101
railroads, 101
R&D, 2, 15, 44, 45, 47, 58, 63, 70, 72, 76, 125, 131, 166, 168–170, 177, 187, 196, 202, 206
Reagan, R., 2, 67, 78, 84, 88, 89, 102, 154, 197
Reciprocal Trade Act, 203
research and development, 201
reshoring, 15, 54, 123, 189, 195, 198, 200, 214
return on investment (ROI), 58, 62, 67, 93, 118
return on net assets (RONA), 70, 180
Roberts, R., 145
Romer, C., 54
Rometty, V., 71
Romney, M., 24
Roosevelt, T., 98
Ross, W., 203
sales factor apportionment, 210
Scientific American, 17
Section 232 tariffs, 135
Section 301 tariffs, 135
security reviews, 126
semiconductors, 33, 42, 43, 50, 130–131, 138, 167, 168, 171, 172, 181, 182, 189, 214
semiskilled workers, 108
service economy, 5, 72, 114–117, 161, 162, 172, 173, 177, 182, 185
shareholder value, 1–2, 7, 11–12, 15, 57, 62, 118, 140, 164, 177, 180, 214
short-term profits, 2, 6, 11, 12, 14, 15, 47, 57, 58, 62, 63, 67, 68, 70, 73, 74, 76, 115, 118, 140, 163, 164, 166, 177, 180, 181, 214
short- versus long-term problem, 163–165
skilled workers, 7, 54, 107–111, 145–146, 163, 171, 213–215
Small Business and Entrepreneurship council, 32
smartphones, 100
smuggling, 126
stamping, 53
stateless corporations, 182
state-owned enterprises (SOEs), 45, 125, 134
steel and aluminum industries, 53–54
stock buybacks, 61, 63, 71–73, 76, 118, 181, 182, 211
Stockman, D., 86
stock market, 23, 24, 71, 74, 114
Strategy for American Innovation, The (Obama), 41
stripping corporations, 62
strong dollar, 8, 73, 147, 148, 152, 155–159, 194–198
Stumo, M., 208
subsidies, 125
Summers, L. H., 196
tariffs, 207
Tax Cuts and Jobs Act (TCJA), 6, 80–81, 211
tax deductions, 82
taxing sellbacks, 198
Tax Justice Network, 155
tax reduction, 5–6, 28, 83–85, 87, 181, 209
Tax Reform Act of 1986, 78
technology
companies, 100
theft, 125
transfer, 6, 7, 11, 41, 45, 125, 134, 139, 140, 169, 170, 179, 187, 207, 208–209
Technology and the American Transition, 175
Third Revolution, The (Economy), 122
Tilton, G., 20
Timken Company, 72
Trade Adjustment Assistance (TAA), 12
trade deficit, 4, 7, 8, 12, 14, 18, 33–39, 44, 54, 73, 90, 113, 115, 124, 126, 142–144, 147, 148, 152–157, 167, 170–172, 178, 183, 185, 192–198, 200–202
pro-trade deficit arguments, 144–145
training and skilled workers, 213–215
Trans-Pacific Partnership (TPP), 34, 144, 202
Treasury Department, 79, 83, 125, 151, 152, 192, 193, 195, 197, 198
Trian Fund Management, 70
trickle-down economics, 84–86, 181
Trump, D., 13, 23, 39, 45, 53, 80–82, 92, 124, 129, 131, 136, 139, 144, 151, 153, 154, 156, 170, 201, 206, 208
“Twin Secrets of Economic Growth, The” (Ferry), 146–149
Unconstitutional (Simmermaker), 37–38
United States–Korea Free Trade Agreement (KORUS), 4, 34
United Technologies Corporation (UTC), 71
U.S. companies, acquisition of, 126
U.S. strategy of forbearance, The, 123
Uyghur Forced Labor Prevention Act (UFLPA), 122–123
value-added tax (VAT), 38, 133, 158, 203, 204, 210
Volcker Rule, 76
firms, 37
speculative trading on, 212–213
Warren, E., 96
wealth
welders, 110
Wellener, P., 110
When the Machines Stopped (Holland), 50
withholding tax, 198
Wolff, E. N., 8
workers
contract, 22
part-time and temporary, 21–22
World Trade Organization (WTO), 7, 115, 121–124, 139, 140, 144, 152, 154, 161, 194, 204–205
World Turned Upside Down, The (Prestowitz), 121, 133, 204
World War II, 11, 27, 42, 62, 167, 214
Wray, C., 205