GEOG 152 Lecture 12: Geog 152: Week 10, Lec. 12
Document Summary
Many industries never recovered from great depression in 1930s. The problem: under-investment in new technology (particularly the british iron/steel industries) Labor productivity in different countries become more competitive (britain, British wages: people were earning more than they were producing. Import penetration: instead of creating your own domestic products, you import them from somewhere else. Labor-intensive phases of production were moved to places where labor causes are lower (southeast asia, china) for companies to increase profits globalized economy. Companies now have each product"s parts made in different countries since. Manufacturing employment is collapsing, even in china. Deindustrialization means the decline in employment in the manufacturing industry and the failure of other jobs to appear to compensate the loss of manufacturing jobs. 1950s: you can drop out of high school and get a good job, but today: you will have to sell drugs on the street to survive if you are a high school drop-out.
