The United States is in need of reindustrialization

Pro has forfeited and we do not know if he will return or not. In case he does, I'll post a few references that I didn't have room for previously: 1. I used North Carolina as an example of pursuing new industries rather than attempting to rescue old ones. Duke University summarizes: "In biotechnology and banking and finance, North Carolina exceeded overall US growth rates in these industries. ... North Carolina is the fifth fastest growing center for biotechnology in the United States, and the fourth fastest growing location for banking and finance activities, as shown in Table 4. Employment has grown by nearly 45% for NC biotechnology and 41% for NC banking over the 10-year period, raising North Carolina's national rank in these two industries. ... North Carolina's traditional strength in agriculture and manufacturing lies in declining industries, and North Carolina has one of the highest rates of job loss for the furniture and tobacco industries." http://www.soc.duke.edu... 2. "The Lexus and the Olive Tree" by Thomas Friedman is an enduring analysis of the effects of globalization. http://www.thomaslfriedman.com... From Chapter 1: "The driving idea behind globalization is free-market capitalism – the more you let market forces rule and the more you open your economy to free trade and competition, the more efficient and flourishing your economy will be. Globalization means the spread of free-market capitalism to virtually every country in the world. Globalization also has its own set of economic rules – rules that revolve around opening, deregulating and privatizing your economy." 3. "There is a fatal flaw that permeates every conceivable scheme of government enterprise and ineluctably prevents it from rational pricing and efficient allocation of resources. Because of this flaw, government enterprise can never be operated on a "business" basis, no matter what the government's intentions. ... What is this fatal flaw? It is the fact that government can obtain virtually unlimited resources by means of its coercive tax power. Private businesses must obtain their funds from investors. It is this allocation of funds by investors on the basis of time preference and foresight that rations funds and resources to the most profitable and therefore the most serviceable uses. Private firms can get funds only from consumers and investors; they can get funds, in other words, only from people who value and buy their services and from investors who are willing to risk investment of their saved funds in anticipation of profit. In short, payment and service are, once again, indissolubly linked on the market. Government, on the other hand, can get as much money as it likes." Murray N. Rothbard, Dean of the Austrian School, in "Man, Economy, and State, with Power and Market" http://mises.org... 4. Japan has undertaken a national industrial revitalization policy, starting in 2004. The book "Innovation and entrepreneurship in Japan" by Kathryn Ibata-Arens analyzes the results. The summary on p 87: " 1. ...Transformations in the global economy have made national approaches ineffective ... 2. ... [Local] policy has engendered innovation and growth while the central state has been out-of-touch with and even inimical to these developments on the local level ... 3. ... arguments about Japan's national innovation system have been overtaken by developments at the firm and regional levels." http://books.google.com... If the Japanese cannot figure out an effective policy at the national level, there is no chance the US will be able to do so. Other arguments are continued.