The Economy's New Rules: Go Glocal

Globalization used to be a one-way street that led away from America. Now high energy prices, political risk and technological shifts are bringing opportunity back home. Welcome to the era of localnomics

Daniel Shea for TIME

Caterpillar workers at the company's recently expanded plant in East Peoria.

If there's a single company that illustrates the huge range of opportunities and challenges facing the U.S. economy today, it might be Caterpillar, the heavy-machinery giant based in Peoria, Ill. Like most other firms, Cat took a hit following the financial crisis. But since then, it's bounced back--and how. After a strong second quarter, the firm is on track for a second record-breaking year in a row and will likely sell $70 billion of its famous yellow earthmovers, tractors and mining equipment globally.

As products roll off the line at the recently expanded East Peoria factory, every one is marked with...

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