A global economics lesson: We're all in this together

Two weeks in Europe last month taught me two things. One is that while British newspapers the rough equivalent of American cable news channels – personality-driven, pointless and mind-numbing – European TV news is understated, fact-driven and smarter-looking than most anything we have here.


Two weeks in Europe last month taught me two things. One is that while British newspapers the rough equivalent of American cable news channels %%MDASSML%% personality-driven, pointless and mind-numbing %%MDASSML%% European TV news is understated, fact-driven and smarter-looking than most anything we have here. The other is that there is an insatiable interest in American politics and economics.

Perhaps that's because they understand in Europe what we've never quite fully grasped here on the west side of the pond. We tended to view this as a collapse of the American economic market. They knew that this was a global economic crisis requiring global cooperation.

Perhaps that message is finally filtering to our manufacturing plants and our corner offices. When everyone in the world suffers from a slowdown in manufacturing and a collapse of markets, there is no longer a THEM and an US . It's all of us, all together, all suffering, all working toward a way out.

We can get mad, of course, and there is plenty to be mad about. Some of it is corporate greed, of course, but there are some fundamentals of economics that we all should have learned in civics class. One of the reasons Baby Boomers had pretty easy lives is that our parents seldom borrowed more than they could repay. A mortgage was something you battled to burn, not something you refinanced. Our parents tried to pay cash whenever they could. They saved for a rainy day. We, their children, have lived a life based mostly on having what we can't afford. We lived by the sword of credit for many years; we were pretty badly wounded by it in October.

So our new president has that challenge to struggle with, on top of wars and climate issues and the general health of our economy. But with the election over, perhaps we can go back to living as one nation for a little while and try that strategy.

One of the best things that occurs after an election is that we find a way as a nation to put aside the differences and try to find the common ground. Perhaps in these tough times, we find the strength to do that with the rest of the world's citizens as well.

In our small way in manufacturing, we hope that's one outcome of Global Plant Engineering, which debuts this month. We live in this global economy, in this global manufacturing community. It costs nothing to reach out to that community.

We can afford to reach out. We cannot afford not to.

No comments
The Top Plant program honors outstanding manufacturing facilities in North America. View the 2015 Top Plant.
The Product of the Year program recognizes products newly released in the manufacturing industries.
The Engineering Leaders Under 40 program identifies and gives recognition to young engineers who...
Safety for 18 years, warehouse maintenance tips, Ethernet and the IIoT, GAMS 2016 recap
2016 Engineering Leaders Under 40; Future vision: Where is manufacturing headed?; Electrical distribution, redefined
Strategic outsourcing delivers efficiency; Sleeve bearing clearance; Causes of water hammer; Improve air quality; Maintenance safety; GAMS preview
SCADA at the junction, Managing risk through maintenance, Moving at the speed of data
Safety at every angle, Big Data's impact on operations, bridging the skills gap
The digital oilfield: Utilizing Big Data can yield big savings; Virtualization a real solution; Tracking SIS performance
Applying network redundancy; Overcoming loop tuning challenges; PID control and networks
Driving motor efficiency; Preventing arc flash in mission critical facilities; Integrating alternative power and existing electrical systems
Package boilers; Natural gas infrared heating; Thermal treasure; Standby generation; Natural gas supports green efforts

Annual Salary Survey

Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.

There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.

But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.

Read more: 2015 Salary Survey

Maintenance and reliability tips and best practices from the maintenance and reliability coaches at Allied Reliability Group.
The One Voice for Manufacturing blog reports on federal public policy issues impacting the manufacturing sector. One Voice is a joint effort by the National Tooling and Machining...
The Society for Maintenance and Reliability Professionals an organization devoted...
Join this ongoing discussion of machine guarding topics, including solutions assessments, regulatory compliance, gap analysis...
IMS Research, recently acquired by IHS Inc., is a leading independent supplier of market research and consultancy to the global electronics industry.
Maintenance is not optional in manufacturing. It’s a profit center, driving productivity and uptime while reducing overall repair costs.
The Lachance on CMMS blog is about current maintenance topics. Blogger Paul Lachance is president and chief technology officer for Smartware Group.
This article collection contains several articles on the vital role of plant safety and offers advice on best practices.
This article collection contains several articles on the Industrial Internet of Things (IIoT) and how it is transforming manufacturing.
This article collection contains several articles on strategic maintenance and understanding all the parts of your plant.
click me