cesses. When the ATP was founded, the problem was seen as an inability to produce competitive standard products and processes. The ATP responds to that change in the policy environment.
A second, related, trend is that the process of innovation is increasingly global, and its pace is accelerating. Companies turn knowledge into high-value products and processes at facilities throughout the world, sometimes on a twenty-four hour schedule. Furthermore, other countries are getting better at this kind of innovation. Again, this change plays to the ATP's strengths.
Third, the private sector in the United States—especially in the past four or five years—has increased its focus on developing unique and high value products and services. This trend cuts the other way for the ATP, which is intended to compensate for companies' unwillingness to make such risky investments. As the federal share of R&D has declined, and private investment has moved into these areas. How can the ATP address that issue?
Fourth, the U.S. economy is performing much better than it was in 1990. The sense of competitive urgency, on the parts of both industry and government, has improved. The federal budget is less constrained. These shifts would seem to favor continued support of the ATP.
Finally, economic power has grown more decentralized. In the private sector, smaller, more agile, and more entrepreneurial firms have crowded out large firms as the engines of growth. In the public sector, much political power has flowed to states and localities. ATP must take advantage of this change.
Johns Hopkins University
The day's program, Dr. Feldman said, was a heartening display of the rigor and seriousness with which ATP and its partners in industry have taken their responsibilities for the program. In particular, viewpoints of large and small com-