|General Electric dates from 1892 when Edison Electric, founded by Charles Edison (the famed inventor pictured in tableau) merged with a rival. |
US multinational companies have focused almost
all their new hiring of researchers in Asia in recent years and the region is
poised to overtake the United Sates in terms of the allocation of resources to
R&D (research and development). Meanwhile, the US has lost more that a quarter
of high tech manufacturing jobs since 2000 - - in sectors such as
computers, communications, medical equipment, aerospace, pharmaceuticals and
In 2010, Andy Grove, the former Intel chief,
commented on the impact on job creation of having high tech manufacturing
offshored: "Startups are a wonderful thing, but they cannot by themselves
increase tech employment. Equally important is what comes after that mythical
moment of creation in the garage, as technology goes from prototype to mass
production. This is the phase where companies scale up.
They work out design details, figure out how
to make things affordably, build factories, and hire people by the thousands.
Scaling is hard work but necessary to make innovation matter. The scaling
process is no longer happening in the US. And as long as that's the case,
plowing capital into young companies that build their factories elsewhere will
continue to yield a bad return in terms of American jobs."
A large portion of engineering students in the US
are foreigners; 57% of US doctoral degrees in engineering in 2009 went to
foreigners, mostly from East Asia or India.
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