Interesting to read in today's issue of Spiegel the comeback of German manufacturing contradicts the commonly held notion, particularly here in the US, that the future belongs to the service industry. When in reality, in Germany, manufacturing firms are currently the engines of growth in the economy, even for the service sector. Throughout Germany manufacturing companies are reporting record orders, production growth and hiring levels. For decades, the gradual shift from a manufacturing to a service-based economy seemed inevitable. As we hear over and over again in the US, it is a law of nature that manufacturing's share of the economy must shrink while the service economy grows. Until recently, it was said in Germany that the country no longer had a future as a manufacturing country. But in reality its economy continues to grow. Virtually all production indicators are pointing upward. The manufacturing sector is expected to grow by four percent this year, a rate more than twice as fast the economy as a whole. Perhaps there's a lesson there for other industrialized nations. Why would you want to roll over and accept you will probably be flipping burgers for a minimum wage for the rest of your life?
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We don't do burgers... We do honking great machines and stuff!
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