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Title: In Praise of Hard Industries: Why Manufacturing, Not the Information Economy, Is the key to Future Prosperity by Eamonn Fingleton ISBN: 0-395-89968-0 Publisher: Houghton Mifflin Co Pub. Date: 09 September, 1999 Format: Hardcover Volumes: 1 List Price(USD): $26.00 |
Average Customer Rating: 4.23 (13 reviews)
Rating: 5
Summary: Excellent! Mr. Fingleton is a sharp man.
Comment: In 1998-early 2000, I was noticing that good old manufacturing stocks were priced at insanely low prices. The stocks were trading at valuations that suggested many solid small & midsized manufacturers essentially worthless. I was semi-baffled.
It must have been terrible for the managers and employees of these wonderful companies to come to work each day. They probably thought they were dinosaurs in the dot com world.
Mr. Fingleton was praising these salt-of-the-earth firms when others had written them off. After the dot com bubble started bursting, these great firms had tremendous returns.
Mr. Fingleton was way ahead of the curve when he wrote this book and was a bright light in a dot com mania wilderness.
Rating: 5
Summary: In Praise of Eamon Fingleton!
Comment: Shades of Nostradamus. Despite Mr. Fingleton having published this book in 1998, it is not out of date nor is it too late to read it in 2002. The author is a prophet, and I only wish I had read the book earlier, certainly before the stock market bubble popped. Furthermore, I wish this book had been the a critical document forming American political debate for the past four years.
In summary of the thesis, the pathology of the nation's declining economy is manifest in the hollowing out of the manufacturing sector. We will be generations correcting the problem, or we will be another Argentina.
Like a skilled coroner dissecting the victim of a brutal murder, Mr. Fingleton takes apart the myth of "postindustrialism," certainly as it pertains to the consensus of economic thinking in the US. Oh Gods of Hubris, what violence have we wrought upon our once mighty American economy by following the chimera of well-packaged economic fads.
So you think steel and shipbuilding are rust-belt industries, better suited to the "third world" and without which the US is a better place? Not after you read this book. So you think we should be teaching children that their goal in life should be to grow up and be computer programmers because that is the pathway to a good job and secure future? Not so fast, pilgrims. So you think that the US does not need these so-called "commoditized" high tech manufactures like the chips and circuitry that go into the guts of even a run of the mill computer? To paraphrase a certain disgraced former President of the United States, "It all depends on what you mean by 'commoditized.'"
You will probably never understand what is happening to the US economy unless and until you read this book. I am not in the business of giving advice to the President of the United States, but I will make an exception and recommend that he read "In Praise of Hard Industries." Heck, I will send him my copy if he wishes. And then, I hope that he recommends the book to every Cabinet officer, sub-Cabinet official, Member of Congress, Federal Judge, and any one else whose decisions affect policy in this country. This book is that important.
Rating: 5
Summary: Fingleton was right all the time
Comment: Fingleton's book has been out for a while now (it is March 2002 as I write this) and the new economy has indeed proven to be a mirage. Interestingly, the key review of this book was from the Industry Standard, a new economy magazine which was forced to close early this year. Its reviewer says: "Economic success continues to flow to nations with advanced manufacturing bases. And what looks like a sustained boom for information-based economies will in the end turn out to have been a mirage." He should have told his publisher. So--Fingleton is a prophet, right on the money, yet this insightful book has been largely overlooked. Too bad, because it could have saved investors billions if taken seriously, and it still should be on the reading lists of policy makers in NYC, DC, and Silicon Valley. I can't praise this book strongly enough, or its author.
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Title: The Technology Machine : How Manufacturing Will Work in the Year 2000 by Patricia E. Moody, Richard E. Morley ISBN: 0684837099 Publisher: Free Press Pub. Date: 14 October, 1999 List Price(USD): $28.00 |
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Title: The Dollar Crisis: Causes, Consequences, Cures by Richard Duncan ISBN: 0470821027 Publisher: John Wiley & Sons Pub. Date: 25 July, 2003 List Price(USD): $29.95 |
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Title: The Party's Over: Oil, War and the Fate of Industrial Societies by Richard Heinberg ISBN: 0865714827 Publisher: New Society Pub Pub. Date: April, 2003 List Price(USD): $17.95 |
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Title: Unsustainable: How Economic Dogma is Destroying American Prosperity by Eamonn Fingleton ISBN: 1560255145 Publisher: Nation Books Pub. Date: November, 2003 List Price(USD): $14.95 |
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Title: A Mathematician Plays the Stock Market by John Allen Paulos ISBN: 0465054803 Publisher: Basic Books Pub. Date: 13 May, 2003 List Price(USD): $25.00 |
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