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US manufacturing is all the rage. The Presidential candidates talk a good game, says my guest, Alan Tonelson of the US Business and Industry Council, but they're short on effective policy. "The goal of a manufacturing revival is not only distant but receding," thanks to the "Summers effect" and faith in comparative advantage theory over geo-economic reality. For decades business and academic elites maintained a strong manufacturing sector was not need for a prosperous economy. The US was becoming a post-industrial economy driven by finance and InfoTech. Conventional wisdom—until December 2007,
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