BusinessManufacturingTrade

Will Bitcoin Be The Great Equalizer In Manufacturing And Global Trade?

Bitcoin’s innovations and hard money standard could bring innovation and competitive equalizing to international manufacturing and trade.“You know what the trouble is, Brucey? We used to make shit in this country, build shit. Now we just put our hand in the next guy’s pocket.” -Frank Sobotka, “The Wire”It is no secret that the United States’ manufacturing production has declined over the past few decades. The days of the Industrial Revolution are long gone, as the United States has transformed into a consumer-based economy. This divergence really became clear around the turn of the 21st century. According to the U.S. Bureau of Labor and Statistics, United States manufacturing jobs have dropped from around 17.5 million in 2000 to around 12.5 million today.SourceWhen you look at the United States imports versus exports as a percentage of GDP, a similar trend emerges:A Shift In Manufacturing ProductionSo, where has all of this manufacturing gone? To China, and more recently, other developing Asian nations. Many of these countries have implemented export-led growth strategies in order to take manufacturing share from America. These governments tend to offer attractive tax breaks for foreign companies to bring their manufacturing plants in. On top of that, these developing nations have comparative advantages against developed countries like America. Export-dependent nations like China have fewer labor restrictions, allowing their workers to be more productive for less pay than most developed country employers.While there are many factors at play that give China a manufacturing edge over other countries, …
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