Book excerpt: This is Volume 1 of a report addressing the future of American industry. It has been written in response to the transformation of manufacturing practices that is currently in progress. Volume 1 of a two-volume report on the global competitive environment U.S. manufacturing will face, and the infrastructure it will require, in order to compete as it moves over the next 15 years into the 21st century. The developments described in the report present a unique opportunity to capitalize on distinctive U.S. strengths; failure to seize this opportunity will put the standard of living of the American people at profound risk.