Economic development and technology's great leap forward

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by Thomas Ponniah | | Read article

The contemporary factory no longer needs many workers: labour costs, in manufacturing, have become much less significant than they once were because technical advance has made labourers much less significant. Companies are starting to return more of their production operations back to the United States and this will enable the country to recapture its standing as the world’s most powerful economy. The increase in American productivity, exports and status will be wonderful news for investors, high-end workers and flag-manufacturers but it will mean little for today’s unemployed or precariously employed human beings.