On October 7, President Donald Trump proclaimed a “National Manufacturing Day,” recognizing that “the strength of our Republic rests on the strength of our industries and the determination of our workers.” It is his administration’s latest move to support the reindustrialization of the American heartland.
The proclamation caps off numerous successes of the past nine months, which have seen around $5 trillion in new private and foreign investments in America, along with reciprocal tariffs, that are reawakening our manufacturing base. Better still, it highlights the all-too-often unsung hero of President Trump’s Golden Age industrial policy: deregulation.
For decades, smug economists and academics have insisted that America’s transition from an industrial economy to a financialized service-based one was natural, that the hollowing out of the American heartland and the offshoring of jobs were inevitable byproducts of capitalism. I beg to differ.


