It Can Help Bring More World Trade
AS THE father of mass production, U.S. business pioneered in standardizing thousands of parts and products to spur sales and cut costs. It set up specifications, for example, so that a light bulb would fit the socket no matter who made it. But while showing the world the benefits of standardization, U.S. firms have done a poor job in helping set up worldwide standards. They have left the field largely to other nations, simply because many U.S. businessmen are unaware of the importance such standards play in world trade. This importance was...
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