What Is Good for General Motors? Solving America's Industrial Conundrum

What Is Good for General Motors? Solving America's Industrial Conundrum

What Is Good for General Motors? Solving America's Industrial Conundrum

What Is Good for General Motors? Solving America's Industrial Conundrum

Excerpt

The often-repeated misquote of General Motors President Charles Wilson, “What is good for General Motors is good for the country,” was a sound bite in the fifties that epitomized the arrogance of America’s mighty industrial complex. It was said at a time when GM, Ford, and Chrysler were the dominant leaders and soon to become America’s Big Three. That arrogance is gone now. A half century of robust ascension has been followed by a half century of devastating decline. Something happened in the locker room at half time and the Big Three began to lose.

America’s hunger for goods is not waning. Imported goods are increasingly meeting the demands of this hunger, and the trade deficit hurts the US economy. Bottom line, Kevin Phillips in American Theocracy argues convincingly that America, like other prominent nations in the past, is slipping into rentier collapse. When a nation begins to focus on finance, insurance, and real estate (FIRE), and to neglect its industrial sector, industrial prowess slips and rentier collapse ensues. It happened to Spain, Holland, and England, in turn, in the past four centuries, and America’s descent has already begun.

It is still possible to climb back from the edge, but only by gaining a deeper understanding of what is happening. The chapters that follow are an attempt to save America’s industrial sector by raising awareness: the auto industry is a likely candidate to lead the United States back into balance in the global economy.

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