The world does not stand still regardless of how fast American manufacturing grows. Japan’s share of global output rose from approximately 11 percent in 1980 to just over 20 percent within about a decade and a half. Yet Japan’s share subsequently shrank to the 10-10.5 percent range by 2010 (depending on who does the number crunching—the United Nations or the World Bank). When Japan’s proportion was at its highest, China began to expand manufacturing production relentlessly. From a low of about 4.6 percent two decades ago, it rose continuously to reach over 20 percent in 2011.

Is the United States still the largest manufacturing nation? It depends on who’s measuring. If you trust the World Bank’s data, shown in the figure 39, the U.S. holds the number one spot with a 17.7 percent share. Using the United Nations data shown in figure 38, though, China comes on top with a share of 20.7 percent.