Complex and changing industrial landscape Flashcards
Different ways of defining manufacturing
- Factory based activities
- Production function
- Product development and delivery
- Material transformation and assembly
- Production capability
Importance of Manufacturing for Policy Decisions
- Jobs
- Innovation
- Multiplier Effect
- Rebalancing
“Jobs in manufacturing provide a career path to the middle class”
- Japan
- US
Define the Multiplier Effect
“Every manufacturing job needs a complementary service job”
_ is a firm believer in the Multiplier Effect
The EU
Manufacturing accounts for _ of _ spending
70% of R&D Spending
Define Rebalancing as the role of manufacturing in Policy decisions
“key role in US trade balance”
“shifts well paid jobs to poorer regions of the UK’
Analytical challenges of manufacturing policy
- Quality of Data
- Changing Global Context
Problems with the Quality of data available for manufacturing policy
badly categorising high tech firms as low tech/ services in companies house data reduces information available to make informed policy decisions and reduces size of high tech manufacturing industry in the uk making it less important.
Problems caused by the changing global context for
- Increasingly complex industrial and tech systems
- New sources of value capture
- Evolving policy challenges
9 ways the global context for manufacturing is changing
- Accelerating product life cycles
- Digitalisation
- Globalisation
- Demographic Change
- Changing consumer habits
- Threats to global stability
- External industrial policy trends
- Urbanisation
- Sustainability
What is meant by accelerating product lifecycles?
The pace of technology adoption is speeding up so the speed to market must increase.
product lifecycles are getting shorter - planned obsolescence
What is meant by Digitalisation?
Using technology to:
- enhance the performance of industrial products and related services
- Improve industrial processes and broader value
- Drive competitiveness
How does globalisation pose and issue for policy makers?
increasingly complex industrial systems and supply chains
How are changing consumer habits affecting manufacturing policy?
- Individualism and luxury markets growing
- Rise of the new global middle class
