Sunday, November 22nd, 2009

Workin’ on the Chain Gang

May 8th, 2008 | By Dan Denning | Category: International Investing

–Perhaps, as the British vacuum magnate James Dyson has suggested, the key is better engineering in the things we make. This is the one competitive advantage Western nations might retain over lower-cost producers elsewhere.

–Dyson gave a lecture that should be compulsory reading for anyone who wants to know what made British and American capitalism so successful in the last 200 years. You can read the whole thing here if you’d like.

–His point is that manufacturing is not a dirty word. It’s a wealthy word. It creates jobs, incomes, profits, and most importantly, better products for people’s lives. We live in an age where we think we can become rich trading services with each other. The evidence seems to contradict that-especially if we’re using borrowed money to buy our Chinese clothes and our fast food. There’s also this question: how does an economy based on consumption and services lead to an increase in a nation’s capital stock–the very key to long-term prosperity? Our guess? It doesn’t.

Pages: 1 2


AdvertisementEliminate the Risk of Your Bank Going Under…

You can't turn on the news today without hearing about another bank that has been sold or needs to be bailed out by the government. Why put your money at risk when you could open an account and let the Swiss government refill it every morning with stable and rising francs…and withdraw it whenever you want using your ATM card?

Billionaire television analyst Peter Schiff will show you exactly how to save your cash, and add to it too – by as much as 5 times over the next 9 months. Click here to get started.



Pages: 1 2

Tags: , , , , , , , , , , , , , , , , , , , , , , , ,

By Dan Denning

Related Articles



About the Author

Dan DenningDan Denning is a contributing editor to Diggers & Drillers and a regular columnist for Money Weekly, a Taiwanese financial publication. From 2000 to 2006, Dan was the editor of Strategic Investment of Agora Publishing. His reporting and analysis for The Daily Reckoning is read by more than 500,000 people regularly.

See All Posts by This Author

The Daily Reckoning Australia

The Daily Reckoning Australia offers an independent and critical perspective on the Australian and the global investment markets. We don't tell you what the news is. You can find that out anywhere for free. Instead, we try and tell you what news is worth paying attention to and what it might mean for your money. We deliver you straightforward, humorous and useful investment insights from a worldwide network of analysts, contrarians, and successful investors.

See All Posts from This Publication

Leave Comment