In a recent open letter by a few Tech sector leaders opposing Donald Trump’s candidacy for president, I found several shortcomings in the argument made by the technology sector executives. Before I point out to any shortcomings, I need to first justify my qualifications to speak on the impacts of technology on American innovation and prosperity, which made it a Hallmark of its global leadership. My expertise in technology comes from working as a Failure Analysis Engineer (in Fortune 500 companies like QUALCOMM Inc., Texas Instruments Inc., etc.) in semiconductor industry, an industry which is at the heart of technological innovations. I have already authored two volumes to take this industry to its next level of innovation and financial success with profound macroeconomic reforms to restore a free market economy. I also have an upcoming third volume ( presently under-production) addressing technology and macroeconomics with regards to More-than-Moore and Beyond Moore drivers for growth.
Tech industry executives make a claim that they believe in an inclusive growth that fosters opportunity, creativity and a level playing field. However, they fail to take into consideration broader macroeconomic implications of US Free Trade policies, which have significantly improved the profitability of several large MNCs, but have resulted in joblessness, debt and poverty for many blue collar American workers. Hence, if the Tech industry executives believe in an inclusive country that fosters opportunity then they should retreat from advocating such foolish trade policies which cause macro losses to US economy and endorse free market economic policies. as it would ensure that wages of American workforce would automatically catch up with their growing productivity. Only when wages catch up with productivity can an economy foster opportunity and creativity by means of fostering entrepreneurship and thus ensuring that there is sufficient demand for the rising supply due to growth in productivity resulting from technological progress.
Thus, In order to achieve a level playing field, Free Trade policies have to be replaced by means of Fair Trade policies. In his Blurb for my first volume Mass Capitalism: A Blueprint for Economic Revival , Dr. Stanley Wolf writes,
Mass Capitalism offers hope for the embattled US economy. Apek Mulay has seen the negative impacts of offshoring and unequal trade regulations on the microelectronics industry. The solutions he proposes would level the playing field and strengthen the US economy. Mass Capitalism provides his vision for improving our future.
Dr. Stanley Wolf is a legendary author of semiconductor industry and his four volumes on ‘Silicon Processing for the VLSI Era’ have been embraced just like a Bible by the global semiconductor industry. Several semiconductor industry experts have made use Dr. Wolf’s volumes as a reference guide for their Masters and Ph.D. degree thesis during their academic careers. There is no greater technology Guru than Dr. Stanley Wolf to endorse my volume Mass Capitalism: A Blueprint for Economic Revival .Dr Wolf also agrees that present trade regulations are unequal and the playing field is not leveled which is weakening the US economy.
Donald Trump is against such trade policies as they are leading to unsustainable trade deficits for US economy for several decades in a row. I have a chapter in my volumeMass Capitalism entitled ‘The Myth of Free Trade’ where I have demonstrated that Free Trade policies have resulted in micro-profits for MNCs but have resulted in macro-losses for rest of the US economy. Donald Trump has shown a change on his rhetoric on immigration by banning only those from warn torn countries to enter United States until everything has been sorted out. and on other matters the real cause of all anger in United States that is leading to economic stagnation is growing poverty in America due to bogus economic policies for last 40 years. I had interviewed a world renowned expert in Political Economy – Professor Ravi Batra, who is also a legendary author with six international best sellers, in my quest to understand the reasons for rise of Donald Trump and Bernie Sanders in 2016 presidential elections. I would greatly appreciate if Technology Industry executives spare an hour of their valuable time to watch this enlightening interview “Career Politicians and Fury in America”
While an open exchange of ideas, free movement of people, and productive engagement with the outside world is critical to the US economy, it has to be mentioned that in a chapter ‘Globalization of Semiconductor Manufacturing’ of my volumeMass Capitalism, I recommend a few reforms in work visa programs for working in United States to eliminate visa fraud and give a higher preference to domestic worker over a foreign worker which is essential to avoid unemployment in any economy.
“While Innovations comes from talented workforce, macroeconomic growth comes from purchasing power in domestic economy.”
Any president who encourages legal immigration but opposes illegal immigration is good for long term prosperity of America. While there should be no compromise on free and open exchange of ideas, including over the Internet, which leads to innovations, there should also be reforms in overall US economy which have permitted rise of collusion between media and corporations. It has become very difficult to trust today’s corporate controlled media as they have lost their financial independence as a result of being controlled by big money. Unless, we also have a free and unbiased media, we cannot restore this lost trust.
While the government plays an important role in the tech sector economy by investing into infrastructure, education and scientific research, political corruption in the US economy has enabled majority of laws to be passed in favor of big corporations and such policies have transformed US democracy into what Jeffrey Sachs calls a‘corporatocracy’. In a chapter ‘From Corporate control to Cooperative systems’ of Mass Capitalism, I offer some reforms in order to ensure that democracy truly starts representing its true meaning which makes it a government for the people, of the people and by the people.
Additionally, the claim of Tech sector experts that Donald Trump risks distorting markets, reducing exports, and slowing job creation is unsubstantiated because the stock markets are already distorted. As US is running a persistent trade deficits since 1976, which means US exports have been falling w.r.t. US imports since 1976. The real wages have been trailing worker productivity since 1970s. Hence, there has been rising supply but decreasing real economic demand which has been well elaborated in my article ‘A Failure Analysis of US Economy’ .
ABOUT THE AUTHOR
Apekshit Mulay (Apek) is a Business and Technology Consultant at Mulay’s Consultancy Services. He is also a senior analyst and macroeconomist in US Semiconductor Industry. He has authored three volumes in three consecutive years viz. Mass Capitalism: A Blueprint for Economic Revival (2014), Sustaining Moore’s Law: Uncertainty Leading to a Certainty of IoT Revolution (2015) and How the Information Revolution remade Business, and the Economy: A Roadmap for Progress of the Semiconductor Industry with More than Moore and Beyond Moore (2016). He pursued undergraduate studies in Electronics Engineering (EE) at the University of Mumbai, India and has completed master’s degree in EE at Texas Tech University, Lubbock, TX. Mulay authored a patent ‘Surface Imaging with Materials Identified by Colors’ during his employment in Advanced CMOS technology development team at Texas Instruments Inc. He chairs technical sessions at International Symposium for Testing and Failure Analysis (ISTFA). USCIS has approved his US permanent residency under the category of foreign nationals with extraordinary abilities in science and technologies even though he did not pursue a PhD degree in engineering or economics. He has been cited as an ‘Engineer-cum-Economist’ by superstar economist Professor Ravi Batra in his 2015 Volume ‘End Unemployment Now: How to Eliminate Poverty, Debt and Joblessness despite Congress’. He has appeared on National Radio shows, made Cover Story for Industry magazines, authored articles for newspapers as well as several reputed blogs & industry publications. He has also been invited on Television shows (because of his accurate macroeconomic forecasts) for his ideas about Mass Capitalism. He is also an entrepreneur in an e-commerce business which he started to envision his ideas about Mass Capitalism. His also has a very well visited personal blog www.ApekMulay.com