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Rust to Riches: The Coming of the Second Industrial Revolution
Taken from inside front dust jacket flap: Here is a bold new plan, presented simply and accessibly by working-class economists John Rutledge and Deborah Allen that offers a blueprint for the reindustrialization of America. In "Rust to Riches", Rutledge and Allen refute the popular wisdom that the U.S. trade deficit is "the Darth Vader of American business". Instead, they attribute our downfall to many years of building "the wrong stuff"-corporate towers, hotels, shopping centers, and so on-rather that spending on the machinery and retooling the provide economic strength. In fact, it is the foreign investments we fear so much that now offer the capital resources for new industrial growth in America. Just as U.S. investments jump started the postwar economies of Japan and Western Europe, the authors point out, the cash surpluses of those nations are now funding an America that is desperately short of savings. And, as America's Baby Boomers enter their saving years, our decades-long low savings rate is beginning to grow, and with it our pools of capital. Combine these facts with the hard lessons American managers have learned in the face of tough competition and the good news is that we are poised to begin a second Industrial Revolution.