Want to destroy American business? Carl Benedikt Frey Flashcards
(55 cards)
What does Donald Trump believe tariffs will achieve?
Bring back jobs and revitalise American industry
Trump argues that short-term pain would be worth it for long-term gain.
What does history suggest about the impact of tariffs on the American economy?
They are more likely to steepen America’s slide into stagnation
Who is one of the vocal cheerleaders of tariffs mentioned in the text?
Oren Cass
What historical example do proponents of tariffs cite to support their argument?
Thomas Jefferson’s trade embargo in 1807 and the war of 1812
Fill in the blank: Proponents claim that tariffs helped transform the United States from a colonial backwater to a _______.
continent-spanning industrial colossus
What event is mentioned as having jump-started American industrialisation?
Thomas Jefferson’s trade embargo in 1807 followed by the war of 1812
What were the primary factors contributing to America’s early industrial gains?
Pirated British technology and welcoming European talent
Protectionism played a minimal role in the industrial gains.
What impact did trade restrictions have on small-scale textile mills in America?
They ensured these mills were persistently inefficient and led to their collapse once trade resumed
Small-scale mills could not compete with superior British imports.
Who was Samuel Slater and what did he contribute to American industry?
An immigrant from Britain who memorized textile-machinery designs and established America’s first cotton mills
His actions were pivotal in the textile revolution.
What technology did Francis Cabot Lowell replicate?
British power-loom technology
His work significantly advanced American textile manufacturing.
Who were the key contributors to America’s 19th-century industrial boom?
Waves of European craftsmen and engineers
They brought expertise essential for industrial growth.
True or False: Protectionism was the main driver of the textile revolution in New England.
False
The revolution was driven more by foreign talent and technology.
Fill in the blank: America’s early industrial gains relied more on _______ than on protectionism.
pirated British technology and welcoming European talent
This highlights the importance of external influences on industrial growth.
What concerns do critics have regarding Chinese imports?
Harming American manufacturing
This concern parallels past fears about Japanese competition.
By what percentage had Japanese car workers become more productive than American workers by 1980?
17%
This productivity increase coincided with significant financial losses for American auto manufacturers.
What was the combined annual loss recorded by Ford and General Motors in 1980?
Exceeding $1.3bn (over $5bn today)
This financial struggle highlighted the competitive pressures faced by American manufacturers.
What was America’s share of global semiconductor production in 1977?
57%
This share decreased significantly by 1989.
What was America’s share of global semiconductor production by 1989?
40%
During the same period, Japan’s share of production almost doubled.
What was Japan’s share of global semiconductor production by 1989?
50%
This significant increase reflects Japan’s growing dominance in the semiconductor market.
What factors contributed to Japan’s manufacturing edge?
- Innovation
- Lean-production techniques
- Talent for refining foreign inventions
Examples include Toyota’s just-in-time system and Sony’s adaptations of Western innovations.
What is an example of a lean-production technique developed in Japan?
Toyota’s just-in-time system
This system emphasizes efficiency and reducing waste in production.
What were Sony’s Walkman and VCR examples of?
Adaptations of Western innovations
These products illustrate Japan’s ability to improve upon existing technologies.
How did America regain its technological edge?
By embracing global economic integration
What did Silicon Valley pivot to in response to competition from Japan?
Innovation, design, and software development
