Is it possible America could become again the dominant manufacturing nation?

Paul Otellini, CEO of Intel, has half the answer. "We should offer tax credits or a five- to 10-year tax holiday to companies, domestic or foreign, that want to set up or expand a factory in the U.S."

How would we finance it? As most foreign nations impose value-added taxes averaging 20 percent on U.S.-made goods that enter their countries, put a tariff of 20 percent on all foreign goods.

Hundreds of billions would suddenly pour into the U.S. treasury. Imports would slowly shrink. Production in America would soar.

That's how Hamilton, Madison, Clay, Lincoln, McKinley and T.R. did it, before America forgot how she became great.."

(See the full Buchanan essay here.)