How the US Created a Manufacturing Base Holds Lessons for Today

The New Economy Forum, Bloomberg’s flagship economic conference for global leaders, returns to Singapore this November for three days of dialogue and collaboration. Industry experts will examine the prospects for global growth and prosperity, including trade and supply chains, technological disruption, shifting geopolitics and more. Visit BloombergNewEconomy.com to learn more.

It’s almost a prerequisite nowadays for US presidents and members of Congress to promote the reindustrialization of the American economy. Donald Trump, much like his predecessor, Joe Biden, envisions a new golden age for manufacturing. But way back in 1776, Adam Smith, the father of capitalism, wasn’t even in favor of the initial industrialization.