Industrialization Instead of Economic Development

Texas can define and pursue an industrialization policy to create new jobs. Japan and Korea are both created and executed industrialization plans and both now have world class industries. Texas can do the same.

We must put aside the economic development policies that attempt to lure existing companies to relocate to Texas. Cities in Texas give tax breaks to companies, but do not get the jobs they are promised. Look at Austin. It was left with a partially built building when Intel changed its mind. Richardson still has an empty fab building that Texas Instruments never used. At its worst, economic development by tax incentives loses us money and provides us with empty or unfinished buildings.

At its best, economic development lures companies away from existing locals. No new jobs are created. Existing jobs are shuffled around like peas in a shell game. This kind of job shuffling had contributed to the economic decline of America. There is more focus on moving jobs around than in creating new jobs. Sadly, many jobs are being moved out of America.

Texas needs to study how Japan and Germany grew their industries after World War II. We need to study how Korea became an industrial power. We must study and emulate. Banks played an important part in the industrialization of Japan, Germany, and Korea. We must do the same. The Texas Banking and Finance Project will support the Texas Industrialization Project, which will lead Texas to increased economic growth through increased industrialization.

A strong and prosperous Texas must have jobs for its citizens.

Robert Canright

Here are related posts:
North Texas Industrialization  Tuesday, May 5, 2009
Industrialization in Texas: the Italian Model  Sunday, September 13, 2009

Here are Economic Development websites for
Plano, Texas
Richardson, Texas
The State of Texas