U.S. Factories: Where Did They Go?

As the US has deindustrialized in recent decades, our media and political betters have often told us something to the effect that “It’s OK — don’t worry — because we are still the go-to place for our efficient capital markets.” Oh, to be the “go-to” place. And at the same time, we were the “leave-from” place. No matter how many millions of factory jobs went away (to China, often as not) — and how many billions of dollars of capital (no kidding, entire steel mills) got packed aboard container ships bound to the Far East — at the end of the day…