Chart Fourteen shows how significantly – and uniquely – the 1990s tech bubble distorted the 1990s manufacturing capacity expansion increases. Although the expansion of high tech industrial capacity has outstripped that of the rest of manufacturing consistently since 1967 – the first year for which such data exits – the gap widened tremendously during the 1990s expansion, and the gap so far has resumed growing after 2003. Take out high tech hardware and, again, manufacturing’s performance during the 1990s looks considerably weaker than its record in the 1960s.

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