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Deindustrialization
Deindustrialization is a process of social and economic change caused by the removal or reduction of industrial capacity or activity in a country or region, especially of heavy industry or manufacturing industry. There are different interpretations of what deindustrialization is. Many associate American deindustrialization with the mass closing of automaker plants in the now so-called Rust Belt between 1980 and 1990. The US Federal Reserve raised interest and exchange rates beginning in 1979, and continuing until 1984, which automatically caused import prices to fall. Japan was rapidly expanding productivity during this time, and this decimated the US machine tool sector. A second wave of deindustrialization occurred between 2001 and 2009, culminating in the automaker bailout of GM and Chrysler. Research has pointed to investment in patents rather than in new capital equipment as a contributing factor.Kerwin Kofi Charles et al. (201The Transformation of Manufacturing an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deindustrialization By Country
Deindustrialisation refers to the process of social and economic change caused by the removal or reduction of Industrial sector, industrial activity and employment in a country or region, especially heavy industry or manufacturing industry. Deindustrialisation is common to all mature Western world, Western economies, as international trade, social changes, and urbanisation have changed the financial demographics after World War II. Phenomena such as the mechanisation of labour render industrial societies obsolete, and lead to the de-establishment of industrial communities. Background Theories that predict or explain deindustrialisation have a long intellectual lineage. Karl Marx's theory of declining (industrial) profit argues that technological innovation enables more efficient means of production, resulting in increased physical productivity, i.e., a greater output of use value per unit of capital invested. In parallel, however, technological innovations replace people with mach ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rust Belt
The Rust Belt, formerly the Steel Belt or Factory Belt, is an area of the United States that underwent substantial Deindustrialization, industrial decline in the late 20th century. The region is centered in the Great Lakes and Mid-Atlantic (United States), Mid Atlantic regions of the United States. Common definitions of the Rust Belt include Ohio, Indiana, Northern Illinois, southeastern Wisconsin, Michigan, Pennsylvania, and Upstate New York. Some broader geographic definitions of the region include parts of Central Illinois, Iowa, Kentucky, Maryland, Minnesota, Missouri, New Jersey, and West Virginia. The term "Rust Belt" is considered to be a pejorative by some people in the region. Between the late 19th century and late 20th century, the Rust Belt formed the industrial heartland of the country, and its economies were largely based on Iron and steel industry in the United States, iron and steel, Automotive industry in the United States, automobile production, Coal mining in t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Rowthorn
Robert Rowthorn FAcSS FLSW (born 20 August 1939) is Emeritus Professor of Economics at the University of Cambridge and has been elected as a Life Fellow of King’s College. He is also a senior research fellow of the Centre for Population Research at the Department of Social Policy and Intervention, University of Oxford. Life Rowthorn was born in 1939 in Newport, Monmouthshire, Wales. He attended Jesus College, Oxford reading mathematics. He took a post-graduate research fellowship at Berkeley again in mathematics. He returned to Oxford and switched to economics, taking a two-year B.Phil. He then worked at Cambridge as an economist. He was an editor of the radical newspaper '' The Black Dwarf''. He wrote many books and academic articles on economic growth, structural change and employment. His work was influenced by Karl Marx and critics of capitalism. He was a consultant to various UK government departments and private sector firms and organisations, and to internationa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Restructuring
Economic restructuring is used to indicate changes in the constituent parts of an economy in a very general sense. In the western world, it is usually used to refer to the phenomenon of urban areas shifting from a manufacturing to a service sector economic base. It has profound implications for productive capacities and competitiveness of cities and regions. This transformation has affected demographics including income distribution, employment, and social hierarchy; institutional arrangements including the growth of the corporate complex, specialized producer services, capital mobility, informal economy, nonstandard work, and public outlays; as well as geographic spacing including the rise of world cities, spatial mismatch, and metropolitan growth differentials. Demographic impact As cities experience a loss of manufacturing jobs and growth of services, sociologist Saskia Sassen affirms that a widening of the social hierarchy occurs where high-level, high-income, salaried prof ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bethlehem Steel
The Bethlehem Steel Corporation was an American steelmaking company headquartered in Bethlehem, Pennsylvania. Until its closure in 2003, it was one of the world's largest steel-producing and shipbuilding companies. At the height of its success and productivity, the company was a symbol of American manufacturing leadership in the world, and its decline and ultimate liquidation in the late 20th century is similarly cited as an example of America's diminished manufacturing leadership during the late 20th century. From its founding in 1857 through its 2003 dissolution, Bethlehem Steel's headquarters were based in Bethlehem, Pennsylvania, in the Lehigh Valley region of eastern Pennsylvania. Its primary steel mill manufacturing facilities were located in Bethlehem, Pennsylvania, and were later expanded to include a major research laboratory in Bethlehem, and various additional manufacturing plants in Sparrows Point, Maryland; Johnstown, Pennsylvania; Lackawanna, New York; and Burns ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Abandoned Packard Automobile Factory Detroit 200
Abandon, abandoned, or abandonment may refer to: Common uses * Abandonment (emotional), a subjective emotional state in which people feel undesired, left behind, insecure, or discarded * Abandonment (legal), a legal term regarding property ** Child abandonment, the extralegal abandonment of children ** Lost, mislaid, and abandoned property, legal status of property after abandonment and rediscovery * Abandonment (mysticism) Art, entertainment, and media Film * ''Abandon'' (film), a 2002 film starring Katie Holmes * ''Abandoned'' (1949 film), starring Dennis O'Keefe * ''Abandoned'' (1955 film), the English language title of the Italian war film ''Gli Sbandati'' * ''Abandoned'' (2001 film), a Hungarian film * ''Abandoned'' (2010 film), starring Brittany Murphy * ''Abandoned'' (2015 film), a television movie about the shipwreck of the ''Rose-Noëlle'' in 1989 * ''Abandoned'' (2022 film), starring Emma Roberts * ''The Abandoned'' (1945 film), a 1945 Mexican film * ''The Aba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Factor Endowment
A factor endowment, in economics, is commonly understood to be the amount of land, labor, capital, and entrepreneurship that a country possesses and can exploit for manufacturing. Countries with a large endowment of resources ''Resource'' refers to all the materials available in our environment which are Technology, technologically accessible, Economics, economically feasible and Culture, culturally Sustainability, sustainable and help us to satisfy our needs and want ... tend to be more prosperous than those with a small endowment if all other things are equal. The development of sound institutions to access and equitably distribute these resources, however, is necessary in order for a country to obtain the greatest benefit from its factor endowment. See also * Environmental determinism * Resource curse References Factors of production {{Econ-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Theory
Economics () is a behavioral science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as basic elements within economies, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and investment expenditure interact; and the factors of production affecting them, such as: labour, capital, land, and enterprise, inflation, economic growth, and public policies that impact these elements. It also seeks to analyse and describe the global economy. Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Direct Investment
A foreign direct investment (FDI) is an ownership stake in a company, made by a foreign investor, company, or government from another country. More specifically, it describes a controlling ownership an asset in one country by an entity based in another country. The magnitude and extent of control, therefore, distinguishes it from a foreign portfolio investment or foreign indirect investment. Foreign direct investment includes expanding operations or purchasing a company in the target country. Definitions Broadly, foreign direct investment includes mergers and acquisitions, building new facilities, reinvesting profits earned from overseas operations, and intra company loans. In a narrow sense, foreign direct investment refers just to building new facility, and a lasting management interest (10 percent or more of voting stock) in an enterprise operating in an economy other than that of the investor. FDI is the sum of equity capital, long-term capital, and short-term capital as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Intensity
Capital intensity is the amount of fixed or real capital present in relation to other factors of production, especially labor. At the level of either a production process or the aggregate economy, it may be estimated by the capital to labor ratio, such as from the points along a capital/labor isoquant. The inverse of capital intensity is labor intensity. Capital intensity is sometimes associated with industrialism, while labor intensity is sometimes associated with agrarianism. Growth The use of tools and machinery makes labor more effective, so rising capital intensity (or " capital deepening") pushes up the productivity of labor. Capital intensive societies tend to have a higher standard of living over the long run. Calculations made by Robert Solow claimed that economic growth was mainly driven by technological progress (productivity growth) rather than inputs of capital and labor. However recent economic research has invalidated that theory, since Solow did not properly consi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiat Money
Fiat money is a type of government-issued currency that is not backed by a precious metal, such as gold or silver, nor by any other tangible asset or commodity. Fiat currency is typically designated by the issuing government to be legal tender, and is authorized by government regulation. Since the end of the Bretton Woods system in 1976 by the Jamaica Accords, the major currencies in the world are fiat money. Fiat money generally does not have intrinsic value and does not have use value. It has value only because the individuals who use it as a unit of account or, in the case of currency, a medium of exchange agree on its value. They trust that it will be accepted by merchants and other people as a means of payment for liabilities. Fiat money is an alternative to commodity money, which is a currency that has intrinsic value because it contains, for example, a precious metal such as gold or silver which is embedded in the coin. Fiat also differs from representative mone ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation
In economics, inflation is an increase in the average price of goods and services in terms of money. This increase is measured using a price index, typically a consumer price index (CPI). When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of CPI inflation is deflation, a decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. Changes in inflation are widely attributed to fluctuations in Real versus nominal value (economics), real demand for goods and services (also known as demand shocks, including changes in fiscal policy, fiscal or monetary policy), changes in available supplies such as during energy crisis, energy crises (also known as supply shocks), or changes in inflation expectations, which may be self-fulfilling. Moderat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
