The end of Chinese manufacturing and the rebirth of US industry
By offering subsidies, cheap labor and lax regulations and rigging its currency, China was able to seduce American companies to relocate their manufacturing operations there. Millions of American jobs moved to China, and manufacturing became the underpinning of China's growth and prosperity. But rising labor costs, concerns over government-sponsored I.P. theft and lagging production times are causing companies such as Dow Chemicals, Caterpillar, GE and Ford to start moving some manufacturing back to the U.S.
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