1.
Deindustrialisation by country
–
It is the opposite of industrialisation. Deindustrialisation has taken place in many nations over the years, as social changes, phenomena such as the mechanisation of labour render industrial societies obsolete, and lead to the de-establishment of industrial communities. Theories that predict or explain deindustrialisation have a long intellectual lineage, in parallel, however, technological innovations replace people with machinery, and the organic composition of capital increases. Assuming only labour can produce new additional value, this greater physical output embodies a smaller value, the average rate of industrial profit therefore declines in the longer term. George Reisman identified inflation as a contributor to deindustrialisation, the term de-industrialisation crisis has been used to describe the decline of labour-intensive industry in a number of countries and the flight of jobs away from cities. In addition, technological inventions that required less labour, such as industrial robots. Although literature indicates the occurrence of deindustrialisation in Australia, industrial employment, industrial output has been stable since 1975, according to OECD data, and has been increasing gradually since 2001. Industrial employment has also been stable since 1964, actually increasing since 2001 and it is notable that employment in the service sector has been increasing substantially since 1964, with the most dramatic rises occurring from 1995 onward. At the same time, employment in agriculture was steady from 1964 until 2000 when it began to decrease and these contradictions imply that Australia is not deindustrialising. The country has shifted to service-oriented production, however, with 70% of the GDP resulting from the service sector, Austria has many indicators that justify labelling them as a deindustrialising country. Data collected from the OECD for Austria has shown that since 1956 total employment did grow until 1994, employment in industry and construction, however, has declined steadily as service sector employment has steadily increased. Data also shows even as employment in industry and construction has decreased. Austrian unemployment has increased since 1983 due to deindustrialisation. Austria was one of the countries in a study showed that increasing overall unemployment was significantly related to manufacturing unemployment. Austrias foreign and domestic policy has made deindustrialisation possible, high labour taxes and high withholding taxes repel low-skill immigration as low capital taxes enable domestic capital investment. Stern banking secrecy policies, no withholding taxes for non-residents, joining the European Union, data taken from the OECD website show that industrial employment in Belgium rose between 1999 and 2000 and then declined until 2003, rising again until 2006. The overall trend in employment in Belgium, however, is still a decline. OECD data also shows that production and sales of total industry in Belgium has been on the rise since 1955, despite this trend, deindustrialisation is occurring at fairly rapid rates in Belgium
Deindustrialisation by country
–
This former industrial site in
Connecticut was used for office space after the manufacturer ceased operations in 1994.
2.
Bethlehem Steel
–
Bethlehem Steel Corporation was Americas second-largest steel producer and largest shipbuilder. Bethlehem Steel and a company, Bethlehem Shipbuilding Corporation, were two of the most powerful symbols of American industrial manufacturing leadership. In 2005, ISG merged with Mittal Steel, ending American ownership of the assets of Bethlehem Steel, the companys roots go back to 1857 when the Saucona Iron Company was first organized by Augustus Wolle. The Panic of 1857, a financial crisis, halted further organization of the company. Eventually, the organization was completed, the site moved elsewhere in South Bethlehem, on June 14,1860, the board of directors of the fledgling company elected Alfred Hunt president. On May 1,1861, the title was changed again. Construction of the first blast furnace began on July 1,1861, the first rolling mill was built between the spring of 1861 and the summer of 1863, with the first railroad rails being rolled on September 26. A machine shop, in 1865, and another blast furnace, during its early years, the company produced rails for the rapidly expanding railroads and armor plating for the US Navy. In 1899, the company assumed the name Bethlehem Steel Company, in 1904, Charles M. Schwab and Joseph Wharton formed the Bethlehem Steel Corporation with Schwab becoming its first president and chairman of its board of directors. The Bethlehem Steel Corporation installed the gray rolling mill and producing the first wide-flange structural shapes to be made in America and these shapes were partly responsible for ushering in the age of the skyscraper and establishing Bethlehem Steel as the leading supplier of steel to the construction industry. In the early 1900s, the corporation branched out from steel, with mines in Cuba. In 1913, it acquired the Fore River Shipbuilding Company of Quincy, Massachusetts, in 1917, it incorporated its shipbuilding division as Bethlehem Shipbuilding Corporation, Limited. In 1922, it purchased the Lackawanna Steel Company, which included the Delaware, Lackawanna, the nations decision to rebuild the United States Navy with steam-driven, steel-hulled warships reshaped Bethlehem Iron Companys destiny. Following the American Civil War, the Navy quickly downsized after the end of hostilities, as national energies were redirected toward settling the West, almost no new ordinance was produced, and new technology was neglected. By 1881, international incidents highlighted the poor condition of the U. S. fleet, in 1883, Secretary of the Navy William E. Chandler and Secretary of the Army Robert Todd Lincoln appointed Lt. William Jaques to the Gun Foundry Board. Jaques was sent on several fact-finding tours of European armament makers and on one of these trips he formed ties with the firm of Joseph Whitworth of Manchester. He returned to America as Whitworths agent and, in 1885, was granted a furlough to pursue this personal interest. Jaques was aware that the U. S. Navy would soon solicit bids for the production of heavy guns and other products such as armor that would be needed to further expand the fleet
Bethlehem Steel
–
Bethlehem Steel Works, a watercolor by
Joseph Pennell, depicting Bethlehem Iron Company in May 1881
Bethlehem Steel
–
The Bethlehem Steel plant, photographed circa 1896 by
William H. Rau
Bethlehem Steel
–
Construction of two warships:
HMS Calder (K349) as USS Formoe (DE-58) and
USS Foss (DE-59) on the right
Bethlehem Steel
–
6", 10", 12", and 14" naval guns being assembled at a Bethlehem Steel facility
3.
Pennsylvania
–
Pennsylvania /ˌpɛnsᵻlˈveɪnjə/, officially the Commonwealth of Pennsylvania, is a state located in the northeastern and Mid-Atlantic regions of the United States. The Appalachian Mountains run through its middle, Pennsylvania is the 33rd largest, the 5th most populous, and the 9th most densely populated of the 50 United States. The states five most populous cities are Philadelphia, Pittsburgh, Allentown, Erie, the state capital, and its ninth-largest city, is Harrisburg. Pennsylvania has 140 miles of shoreline along Lake Erie and the Delaware Estuary. The state is one of the 13 original founding states of the United States, it came into being in 1681 as a result of a land grant to William Penn. Part of Pennsylvania, together with the present State of Delaware, had earlier been organized as the Colony of New Sweden and it was the second state to ratify the United States Constitution, on December 12,1787. Independence Hall, where the United States Declaration of Independence and United States Constitution were drafted, is located in the states largest city of Philadelphia, during the American Civil War, the Battle of Gettysburg, was fought in the south central region of the state. Valley Forge near Philadelphia was General Washingtons headquarters during the winter of 1777–78. Pennsylvania is 170 miles north to south and 283 miles east to west, of a total 46,055 square miles,44,817 square miles are land,490 square miles are inland waters, and 749 square miles are waters in Lake Erie. It is the 33rd largest state in the United States, Pennsylvania has 51 miles of coastline along Lake Erie and 57 miles of shoreline along the Delaware Estuary. Cities include Philadelphia, Reading, Lebanon and Lancaster in the southeast, Pittsburgh in the southwest, the tri-cities of Allentown, Bethlehem, the northeast includes the former anthracite coal mining communities of Scranton, Wilkes-Barre, Pittston City, and Hazleton. Erie is located in the northwest, the state has 5 regions, namely the Allegheny Plateau, Ridge and Valley, Atlantic Coastal Plain, Piedmont, and the Erie Plain. Straddling two major zones, the majority of the state, with the exception of the corner, has a humid continental climate. The largest city, Philadelphia, has characteristics of the humid subtropical climate that covers much of Delaware. Moving toward the interior of the state, the winter climate becomes colder, the number of cloudy days increase. Western areas of the state, particularly locations near Lake Erie, can receive over 100 inches of snowfall annually, the state may be subject to severe weather from spring through summer into fall. Tornadoes occur annually in the state, sometimes in large numbers, the Tuscarora Nation took up temporary residence in the central portion of Pennsylvania ca. Both the Dutch and the English claimed both sides of the Delaware River as part of their lands in America
Pennsylvania
–
World's End State Park, Sullivan County
Pennsylvania
–
Flag
Pennsylvania
–
Autumn in North Branch Township,
Wyoming County, Pennsylvania
Pennsylvania
–
Penn's Treaty with the Indians, by
Edward Hicks
4.
Sands Casino Resort Bethlehem
–
The casino is owned, operated, and constructed by the Las Vegas Sands corporation. It is one of five casinos that was awarded a slots license by the Pennsylvania Gaming Control Board on December 20,2006. The casino was slated to open in July 2008, but demolition took longer than expected due to the concrete foundations of the old steel building. Its opening was delayed until the quarter of 2009. The first concrete for the complex, which is located on the former Bethlehem Steel land on the South side of the city, was poured on November 15,2007, the casino opened May 22,2009. In the winter of 2009–2010, the casino was granted a license for table games which allowed the casino to expand to include 180 table games of Poker, Blackjack, table games began operation on July 18,2010. The Sands Hotel opened on May 27,2011, the Sands Bethlehem is the only property in the company to end 2014 with a profit, doing better than Sands Vegas and Asia properties. Since expansion in November 2009, Sands Casino Resort Bethlehem features over 3,000 slot machines,200 table games, in November,2016 Sands Bethlehem announced a planned expansion of the gaming floor to also include two additional restaurants. On May 27,2011, the Sands Casino Hotel Bethlehem opened and it features 302 rooms,22 suites,12,000 square feet of meeting space, an indoor pool and a fitness center. The hotel features these room types, Deluxe Queen Room, Deluxe King Room, Executive Suite, there are 16 Executive suites and 6 Presidential suites. Free parking is available in the lot next to the Sands Bethlehem Event Center or in the parking garage next to the casino. Valet parking is available 7-days-a-week for a fee at the porte cochere at the casino main entrance. The hotel is connected to Levitt Pavilion, ArtsQuest Center and the PBS-39 Public Media Center by the Hoover-Mason Trestle. The outlet center, which opened on November 1,2011, the Sands Bethlehem Event Center was designed by Howard Kulp Architects of Salisbury Township. Constructed in May 2014, the mezzanine level added 158 additional seats and 150 feet of space to the Event Center. Vision Bar, located next to the Sands Bethlehem Event Center, is regarded as one of the most popular nightclubs in the Lehigh Valley. The Sands Casino & Resort Bethlehem has 5,000 sq ft of meeting space with 3,000 sq ft of pre-function and exhibition space. For example, the hosts the yearly Lehigh Valley Food & Wine Festival, held at the end of May/early June to benefit the culinary
Sands Casino Resort Bethlehem
–
The Sands Casino sign over the old ore crane of
Bethlehem Steel.
Sands Casino Resort Bethlehem
–
Construction of the casino at the defunct
Bethlehem Steel site, with an original ore crane pictured
Sands Casino Resort Bethlehem
–
Sands Casino Resort
5.
Economic
–
An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location. Economic agents can be individuals, businesses, organizations, or governments, Economic transactions occur when two parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. Monetary transactions only account for a part of the economic domain. Economic activity is spurred by production which uses resources, labor. It has changed over time due to technology, innovation such as that which produces intellectual property and these factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the domain is a social domain of human practices. A command-based economy is where political agents directly control what is produced and how it is sold, a green economy is low-carbon, resource efficient, and socially inclusive. Today the range of fields of the examining the economy revolve around the social science of economics, but may include sociology, history, anthropology. All professions, occupations, economic agents or economic activities, contribute to the economy, consumption, saving, and investment are variable components in the economy that determine macroeconomic equilibrium. There are three sectors of economic activity, primary, secondary, and tertiary. Alternate and long-standing terminology distinguishes measures of an economy expressed in real values, such as real GDP, the English words economy and economics can be traced back to the Greek word οἰκονόμος, a composite word derived from οἶκος and νέμω by way of οἰκονομία. The first recorded sense of the economy is in the phrase the management of œconomic affairs. Economy is later recorded in more senses, including thrift. The most frequently used current sense, denoting the system of a country or an area. As long as someone has been making, supplying and distributing goods or services, there has some sort of economy, economies grew larger as societies grew. The Babylonians and their city state neighbors developed forms of economics comparable to currently used civil society concepts and they developed the first known codified legal and administrative systems, complete with courts, jails, and government records. The ancient economy was based on subsistence farming. The Shekel referred to an ancient unit of weight and currency, the first usage of the term came from Mesopotamia circa 3000 BC. and referred to a specific mass of barley which related other values in a metric such as silver, bronze, copper etc
Economic
–
World GDP (PPP) per capita by country (2014)
6.
Heavy industry
–
Heavy industry is industry that involves one or more characteristics such as large and heavy products, large and heavy equipment and facilities, or complex of numerous processes. Because of those factors, heavy industry involves higher capital intensity than light industry does, traditional examples from the mid-19th century through the early 20th included steelmaking, artillery production, locomotive erection, machine tool building, and the heavier types of mining. Modern shipbuilding is considered heavy industry, many East Asian countries rely on heavy industry as part of their overall economies. Heavy industry is sometimes a special designation in local zoning laws. Morris Teubal, Heavy and Light Industry in Economic Development The American Economic Review, Vol.63, some Definitions in the Vocabulary of Geography, IV, British Association Glossary Committee, The Geographical Journal, Vol.118, No.3. Definition of Heavy Industry according to Investopedia. com
Heavy industry
–
Integrated steel mill in the Netherlands. The two massive towers are
blast furnaces.
Heavy industry
–
U. S. Steel Košice (in
Slovakia) – a typical example of a heavy industry
factory.
7.
Industrialisation
–
As industrial workers incomes rise, markets for consumer goods and services of all kinds tend to expand and provide a further stimulus to industrial investment and economic growth. Later commentators have called this the First Industrial Revolution, the invention of the assembly line gave this phase a boost. Coal mines, steelworks, and textile factories replaced homes as the place of work, by the end of the 20th century, East Asia had become one of the most recently industrialised regions of the world. The BRICS states are undergoing the process of industrialisation, there is considerable literature on the factors facilitating industrial modernisation and enterprise development. The concentration of labour into factories has increased urbanisation and the size of settlements, to serve, workers have to either leave their families or bring them along in order to work in the towns and cities where these industries are found. The family structure changes with industrialisation, the sociologist Talcott Parsons noted that in pre-industrial societies there is an extended family structure spanning many generations who probably remained in the same location for generations. In industrialised societies the nuclear family, consisting of parents and their growing children. Families and children reaching adulthood are more mobile and tend to relocate to where jobs exist, extended family bonds become more tenuous. Currently the international development community endorses development policies like water purification or primary education and Co-Operation amongst third world communities, the relationships among economic growth, employment, and poverty reduction are complex. Higher productivity is argued to be leading to lower employment, division of labour Newly industrialised country Idea of Progress Chandler Jr. Alfred D. The Visible Hand, The Management Revolution in American Business, belknap Press of Harvard University Press. Hewitt, T. Johnson, H. and Wield, D. industrialisation and Development, Oxford University Press, hobsbawm, Eric, The Age of Revolution. Kemp, Tom Historical Patterns of Industrialisation, Longman, London, ISBN 0-582-09547-6 Kiely, R industrialisation and Development, A comparative analysis, UCL Press, London. The Unbound Prometheus, Technological Change and Industrial Development in Western Europe from 1750 to the Present, Cambridge, New York, Press Syndicate of the University of Cambridge. Pomeranz, Ken The Great Divergence, China, Europe and the Making of the Modern World Economy by Tilly, industrialization as an Historical Process, European History Online, Mainz, Institute of European History,2010, retrieved,29 February 2011
Industrialisation
–
The effect of Industrialisation shown by rising income levels since 1500. The graph shows the
gross domestic product (at
purchasing power parity)
per capita between 1500 and 1950 in
1990 International dollars for selected nations.
8.
Employment
–
Employees in some fields or sectors may receive gratuities, bonus payment or stock options. In some types of employment, employees may receive benefits in addition to payment, benefits can include health insurance, housing, disability insurance or use of a gym. Employment is typically governed by employment laws or regulations or legal contracts, employers must balance interests such as decreasing wage constraints with a maximization of labor productivity in order to achieve a profitable and productive employment relationship. The main ways for employers to workers and for people to find employers are via jobs listings in newspapers and online. Employers and job seekers also find each other via professional recruitment consultants which receive a commission from the employer to find, screen. However, a study has shown that such consultants may not be reliable when they fail to use established principles in selecting employees, a more traditional approach is with a Help Wanted sign in the establishment. Evaluating different employees can be quite laborious but setting up different techniques to analyze their skill to measure their talents within the field can be best through assessments, employer and potential employee commonly take the additional step of getting to know each other through the process of job interview. Training and development refers to the effort to equip a newly hired employee with necessary skills to perform at the job. An appropriate level of training and development helps to improve job satisfaction. There are many ways that employees are paid, including by hourly wages, by piecework, by yearly salary, in sales jobs and real estate positions, the employee may be paid a commission, a percentage of the value of the goods or services that they have sold. In some fields and professions, employees may be eligible for a bonus if they meet certain targets, employee benefits are various non-wage compensation provided to employee in addition to their wages or salaries. In some cases, such as with workers employed in remote or isolated regions, employee benefits can improve the relationship between employee and employer and lowers staff turnover. Organizational justice is a perception and judgement of employers treatment in the context of fairness or justice. The resulting actions to influence the relationship is also a part of organizational justice. Employees can organize into trade or labor unions, which represent the force to collectively bargain with the management of organizations about working. Usually, either an employee or employer may end the relationship at any time and this is referred to as at-will employment. The contract between the two parties specifies the responsibilities of each when ending the relationship and may include such as notice periods, severance pay. In some professions, notably teaching, civil servants, university professors, and some jobs, some employees may have tenure
Employment
–
Worker assembling
rebar for a water treatment plant in
Mazatlan,
Sinaloa,
Mexico.
Employment
Employment
–
Worker, Dhaka, Bangladesh.
9.
Service sector
–
The tertiary sector or service sector is the third of the three economic sectors of the three-sector theory. The others are the secondary sector, and the primary sector, the basic characteristic of this sector is the production of services instead of end products. Services include attention, advice, access, experience, and discussion, the production of information has long been regarded as a service, but some economists now attribute it to a fourth sector, the quaternary sector. The tertiary sector of industry involves the provision of services to businesses as well as final consumers. The goods may be transformed in the process of providing the service, however, the focus is on people interacting with people and serving the customer rather than transforming physical goods. It is sometimes hard to define whether a company is part of the secondary or tertiary sector. These governmental classification systems have a hierarchy that reflects whether the economic goods are tangible or intangible. Unlike governmental classification systems, the first level of market-based classification systems divides the economy into functionally related markets or industries, the second or third level of these hierarchies then reflects whether goods or services are produced. For the last 100 years, there has been a shift from the primary and secondary sectors to the tertiary sector in industrialised countries. The tertiary sector is now the largest sector of the economy in the Western world and these are not necessarily busboys and live-in maids. Many of them are in the professional category and they are earning as much as manufacturing workers, and often more. The first economy to follow path in the modern world was the United Kingdom. The speed at which other economies have made the transition to service-based economies has increased over time, historically, manufacturing tended to be more open to international trade and competition than services. Service providers face obstacles selling services that goods-sellers rarely face, services are intangible, making it difficult for potential customers to understand what they will receive and what value it will hold for them. Indeed, some, such as consultants and providers of investment services, since the quality of most services depends largely on the quality of the individuals providing the services, people costs are usually a high fraction of service costs. Whereas a manufacturer may use technology, simplification, and other techniques to lower the cost of goods sold, for example, how does one choose one investment adviser over another, since they are often seen to provide identical services. Charging a premium for services is usually an option only for the most established firms, who charge extra based upon brand recognition
Service sector
–
Product’s lifecycle
Service sector
–
A motel in
Bjerka,
Norway
Service sector
–
Inside a supermarket in
Russia
Service sector
–
VÚB-Bank in
Bratislava (Slovakia)
10.
Trade
–
Trade, or commerce, involves the transfer of goods or services from one person or entity to another, often in exchange for money. A network that allows trade is called a market, the original form of trade, barter, saw the direct exchange of goods and services for other goods and services. Barter is trading things without the use of money, later one side of the barter started to involve precious metals, which gained symbolic as well as practical importance. Modern traders generally negotiate through a medium of exchange, such as money, as a result, buying can be separated from selling, or earning. The invention of money greatly simplified and promoted trade, Trade between two traders is called bilateral trade, while trade between more than two traders is called multilateral trade. Trade exists due to the specialization and division of labor, in which most people concentrate on an aspect of production. As such, trade at prices between locations can benefit both locations. Trade originated with human communication in prehistoric times, trading was the main facility of prehistoric people, who bartered goods and services from each other before the innovation of modern-day currency. Peter Watson dates the history of commerce from circa 150,000 years ago. In the Mediterranean region the earliest contact between cultures were of members of the species Homo sapiens principally using the Danube river, at a time beginning 35–30,000 BCE, Trade is believed to have taken place throughout much of recorded human history. There is evidence of the exchange of obsidian and flint during the stone age, Trade in obsidian is believed to have taken place in Guinea from 17,000 BCE. The earliest use of obsidian in the Near East dates to the Lower, Trade in the stone age was investigated by Robert Carr Bosanquet in excavations of 1901. Trade is believed to have first begun in south west Asia, obsidian was traded at distances of 900 kilometres within the Mediterranean region. Trade in the Mediterranean during the Neolithic of Europe was greatest in this material, networks were in existence at around 12,000 BCE Anatolia was the source primarily for trade with the Levant, Iran and Egypt according to Zarins study of 1990. Melos and Lipari sources produced among the most widespread trading in the Mediterranean region as known to archaeology, the Sari-i-Sang mine in the mountains of Afghanistan was the largest source for trade of Lapis Lazuli. The material was most largely traded during the Kassite period of Babylonia beginning 1595 BCE, ebla was a prominent trading centre during the third millennia, with a network reaching into Anatolia and north Mesopotamia. Materials used for creating jewelry were traded with Egypt since 3000 BCE, long-range trade routes first appeared in the 3rd millennium BCE, when Sumerians in Mesopotamia traded with the Harappan civilization of the Indus Valley. The Phoenicians were noted sea traders, traveling across the Mediterranean Sea, for this purpose they established trade colonies the Greeks called emporia
Trade
–
A
San Juan de Dios Market in
Guadalajara, Jalisco.
Trade
–
A trader in Germany, 16th century
Trade
–
The Liberty to Trade as Buttressed by National Law (1909) by
George Howard Earle, Jr.
Trade
–
A map of the
Silk Road trade route between Europe and Asia.
11.
Exports
–
The term export means shipping in the goods and services out of the jurisdiction of a country. The seller of goods and services is referred to as an exporter and is based in the country of export whereas the overseas based buyer is referred to as an importer. In international trade, exports refers to selling goods and services produced in the country to other markets. Export of commercial quantities of goods normally requires involvement of the authorities in both the country of export and the country of import. The advent of small trades over the internet such as through Amazon, nonetheless, these small exports are still subject to legal restrictions applied by the country of export. An exports counterpart is an import, the theory of international trade and commercial policy is one of the oldest branches of economic thought. Exporting is a component of international trade, and the macroeconomic risks and benefits of exporting are regularly discussed and disputed by economists. Two views concerning international trade present different perspectives, the first recognizes the benefits of international trade. The second concerns itself with the possibility that certain domestic industries could be harmed by foreign competition. Methods of export include a product or good or information being mailed, hand-delivered, shipped by air, shipped by vessel, uploaded to an internet site, or downloaded from an internet site. Exports also include the distribution of information that can be sent in the form of an email, an email attachment, under this act the Central government of India can make the provisions for development and also regulates the foreign trade. Also the Central government can prohibit, restrict and regulates the export activities, under this act every importer or exporter must obtain an Importer Exporter Code number IEC code number from Director of General of Foreign Trade. The export of defense-related articles and services on the United States Munitions List is governed by the Department of State under the International Traffic in Arms Regulations, the BIS regulates the export and reexport of most commercial items. Some commodities require a license in order to export, there are different requirements to export lawfully depending on the product or service being exported. Depending on the category the item falls under, the company may need to obtain a prior to exporting. EAR restrictions can vary from country to country, the most restricted destinations are countries under economic embargoes or designated as supporting terrorist activities, including Cuba, North Korea, Sudan, Syria and Iran. Some products have received worldwide restrictions prohibiting exports, if any items would support a proliferation activity, such as nuclear, chemical/biological, or missile proliferation activities in a country of concern, a license would be required. Part 744 of the Export Administration Regulations spells out the regulations related to end-user
Exports
Exports
–
Vessel at Container Terminal Altenwerder (Hamburg)
12.
Balance of trade
–
The balance of trade, commercial balance, or net exports, is the difference between the monetary value of a nations exports and imports over a certain period. Sometimes a distinction is made between a balance of trade for goods versus one for services, generally trade surplus is seen as positive economic indicator, however in exceptional circumstances a trade deficit is due to government forex policy to achieve other macroeconomic goals. The balance of trade part of the current account, which includes other transactions such as income from the net international investment position as well as international aid. If the current account is in surplus, the net international asset position increases correspondingly. Equally, a deficit decreases the net asset position. The trade balance is identical to the difference between a countrys output and its domestic demand, measuring the balance of trade can be problematic because of problems with recording and collecting data. This cannot be true, because all transactions involve an equal credit or debit in the account of each nation, the discrepancy is widely believed to be explained by transactions intended to launder money or evade taxes, smuggling and other visibility problems. Especially for developing countries, the statistics are likely to be inaccurate. In export-led growth, the balance of trade will shift towards exports during an economic expansion, however, with domestic demand led growth the trade balance will shift towards imports at the same stage in the business cycle. Monetary balance of trade is different from physical balance of trade, developed countries usually import a lot of raw materials from developing countries. Typically, these materials are transformed into finished products. Financial trade balance statistics conceal material flow, most developed countries have a large physical trade deficit, because they consume more raw materials than they produce. Many civil society organisations claim this imbalance is predatory and campaign for ecological debt repayment. S debt that has funded the consumption, the U. S. has a trade surplus with nations such as Australia. The issue of trade deficits can be complex, Trade deficits generated in tradeable goods such as manufactured goods or software may impact domestic employment to different degrees than trade deficits in raw materials. Economies such as Japan and Germany which have savings surpluses, typically run trade surpluses, china, a high-growth economy, has tended to run trade surpluses. A higher savings rate generally corresponds to a trade surplus, correspondingly, the U. S. with its lower savings rate has tended to run high trade deficits, especially with Asian nations. The economist Paul Craig Roberts notes that the comparative advantage principles developed by David Ricardo do not hold where the factors of production are internationally mobile. In 2010, economist Ian Fletcher wrote Free Trade Doesnt Work, What Should Replace It and Why, small trade deficits are generally not considered to be harmful to either the importing or exporting economy
Balance of trade
–
Terminology
Balance of trade
–
Cumulative current account balance 1980–2008 based on
International Monetary Fund data.
13.
Marx
–
Karl Marx was a Prussian-born philosopher, economist, sociologist, journalist, and revolutionary socialist. Born in Trier to a family, he later studied political economy. His work has influenced subsequent intellectual, economic, and political history. These economic critiques were set out in works such as the three volumes, published between 1867 and 1894, that comprise Das Kapital. According to Marx, states are run in the interests of the class but are nonetheless represented as being in favor of the common interest of all. He predicted that, like previous socioeconomic systems, capitalism produced internal tensions which would lead to its self-destruction and replacement by a new system, socialism. Marx actively fought for its implementation, arguing that the class should carry out organised revolutionary action to topple capitalism. Marx has been described as one of the most influential figures in human history and his work in economics laid the basis for much of the current understanding of labour and its relation to capital, and subsequent economic thought. Many intellectuals, labour unions, artists and political parties worldwide have been influenced by Marxs work, Marx is typically cited as one of the principal architects of modern sociology and social science. Karl Marx was born on 5 May 1818 to Heinrich Marx and he was born at Brückengasse 664 in Trier, a town then part of the Kingdom of Prussias Province of the Lower Rhine. Marx was ancestrally Jewish, his grandfather was a Dutch rabbi, while his paternal line had supplied Triers rabbis since 1723. Marx was also a cousin once removed of German Romantic poet Heinrich Heine, also born to a German Jewish family in the Rhineland. Largely non-religious, Heinrich was a man of the Enlightenment, interested in the ideas of the philosophers Immanuel Kant, a classical liberal, he took part in agitation for a constitution and reforms in Prussia, then governed by an absolute monarchy. In 1815 Heinrich Marx began work as an attorney, in 1819 moving his family to a property near the Porta Nigra. Her sister Sophie Pressburg, was Marxs aunt and was married to Lion Philips Marxs uncle through this marriage, Lion Philips was a wealthy Dutch tobacco manufacturer and industrialist, upon whom Karl and Jenny Marx would later often come to rely for loans while they were exiled in London. Little is known of Karl Marxs childhood, the third of nine children, he became the oldest son when his brother Moritz died in 1819. Young Karl was baptised into the Lutheran Church in August 1824 along with his siblings, Sophie, Hermann, Henriette, Louise, Emilie. Young Karl was privately educated, by Heinrich Marx, until 1830, by employing many liberal humanists as teachers, Wyttenbach incurred the anger of the local conservative government
Marx
–
Marx in 1875
Marx
–
Marx's birthplace in Trier. It was purchased by the
Social Democratic Party of Germany in 1928 and now houses a museum devoted to him.
Marx
–
Jenny von Westphalen in the 1830s
Marx
–
Friedrich Engels, whom Marx met in 1844; they became lifelong friends and collaborators.
14.
Inflation
–
In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time resulting in a loss of value of currency. When the price rises, each unit of currency buys fewer goods. Consequently, inflation reflects a reduction in the power per unit of money – a loss of real value in the medium of exchange. A chief measure of inflation is the inflation rate, the annualized percentage change in a general price index, usually the consumer price index. The opposite of inflation is deflation, Inflation affects economies in various positive and negative ways. Economists generally believe that high rates of inflation and hyperinflation are caused by a growth of the money supply. However, money supply growth does not necessarily cause inflation, some economists maintain that under the conditions of a liquidity trap, large monetary injections are like pushing on a string. Views on which factors determine low to moderate rates of inflation are more varied, low or moderate inflation may be attributed to fluctuations in real demand for goods and services, or changes in available supplies such as during scarcities. However, the view is that a long sustained period of inflation is caused by money supply growing faster than the rate of economic growth. Today, most economists favor a low and steady rate of inflation, the task of keeping the rate of inflation low and stable is usually given to monetary authorities. Rapid increases in quantity of the money or in the money supply have occurred in many different societies throughout history. By diluting the gold with other metals, the government could issue more coins without also needing to increase the amount of used to make them. When the cost of each coin is lowered in this way and this practice would increase the money supply but at the same time the relative value of each coin would be lowered. As the relative value of the coins becomes lower, consumers would need to give more coins in exchange for the same goods and these goods and services would experience a price increase as the value of each coin is reduced. Song Dynasty China introduced the practice of printing paper money in order to create fiat currency, during the Mongol Yuan Dynasty, the government spent a great deal of money fighting costly wars, and reacted by printing more money, leading to inflation. Fearing the inflation that plagued the Yuan dynasty, the Ming Dynasty initially rejected the use of paper money, historically, large infusions of gold or silver into an economy also led to inflation. This was largely caused by the influx of gold and silver from the New World into Habsburg Spain. The silver spread throughout a previously cash-starved Europe and caused widespread inflation, demographic factors also contributed to upward pressure on prices, with European population growth after depopulation caused by the Black Death pandemic
Inflation
–
Two 20 kr gold coins from the
Scandinavian Monetary Union, a historical example of an international gold standard.
Inflation
–
Annual inflation rates in the United States from 1666 to 2004.
15.
Fiat money
–
Fiat money is a currency established as money by government regulation or law. The term derives from the Latin fiat used in the sense of an order or decree and it differs from commodity money and representative money. The first use of money was recorded in China around 1000 AD. Since then, it has been used by countries, concurrently with commodity currencies. Fiat money has been defined variously as, Any money declared by a government to be legal tender, state-issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard. Intrinsically valueless money used as money because of government decree, a coin is fiat currency to the extent that its face value, value defined in law, is greater than its market value as metal. In monetary economics, fiat money is an intrinsically valueless object or record that is accepted as a means of payment. Circulating silver coins in the 1960s ceased to be produced containing the metal when the face value of the coin was below the cost of the elemental metal. The Coinage Act of 1965 eliminated silver from the circulating dimes and quarter dollars of the United States, the Canadian penny was mostly copper until 1996 and was removed from circulation in the fall of 2012 due to the cost of production relative to face value. In 2007 the Royal Canadian Mint produced a million dollar gold bullion coin, in 2015, the gold in the coins was worth more than 3.5 times the face value. Fiat money originated in 11th century China, and its use became widespread during the Yuan, the Song Dynasty in China was the first to issue paper money, jiaozi, around the 10th century AD. Although the notes were valued at an exchange rate for gold, silver, or silk. The government made attempts to support the paper by demanding taxes partly in currency and making other laws, but the damage had been done. The successive Yuan Dynasty was the first dynasty in China to use currency as the predominant circulating medium. The founder of the Yuan Dynasty, Kublai Khan, issued paper money known as Chao in his reign, the original notes during the Yuan Dynasty were restricted in area and duration as in the Song Dynasty. During the 13th century, Marco Polo described the money of the Yuan Dynasty in his book The Travels of Marco Polo. All these pieces of paper are issued with as much solemnity and authority as if they were of gold or silver. Tally sticks were employed as fiat currency in medieval England when, due to shortage, Henry I initiated their use by the Exchequer in or around 1100
Fiat money
–
Yuan dynasty banknotes are the earliest known fiat money.
Fiat money
–
Song Dynasty Jiaozi, the world's earliest paper money.
16.
Foreign direct investment
–
A foreign direct investment is an investment in the form of a controlling ownership in a business in one country by an entity based in another country. It is thus distinguished from foreign investment by a notion of direct control. 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, FDI is the sum of equity capital, other long-term capital, and short-term capital as shown the balance of payments. FDI usually involves participation in management, joint-venture, transfer of technology, stock of FDI is the net cumulative FDI for any given period. Direct investment excludes investment through purchase of shares, FDI is one example of international factor movements. A foreign direct investment is an ownership in a business enterprise in one country by an entity based in another country. Foreign direct investment is distinguished from foreign investment, a passive investment in the securities of another country such as public stocks and bonds. Moreover, control of technology, management, even crucial inputs can confer de facto control, for example, Joe S. Bain only explained the internationalization challenge through three main principles, absolute cost advantages, product differentiation advantages and economies of scale. Furthermore, the theories were created under the assumption of the existence of perfect competition. Facing the challenges of his predecessors, Hymer focused his theory on filling the gaps regarding international investment, the theory proposed by the author approaches international investment from a different and more firm-specific point of view. Furthermore, Hymer proceeds to criticize the neoclassical theories, stating that the theory of capital movements cannot explain international production. Moreover, he clarifies that FDI is not necessarily a movement of funds from a country to a host country. In contrast, if interest rates were the motive for international investment. Another observation made by Hymer went against what was maintained by the neoclassical theories, in fact, foreign direct investment can be financed through loans obtained in the host country, payments in exchange for equity, and other methods. Further studies attempted to explain how firms could monetize these advantages in the form of licenses, removal of conflicts, conflict arises if a firm is already operating in foreign market or looking to expand its operations within the same market. He proposes that the solution for this hurdle arose in the form of collusion, however, it must be taken into account that a reduction in conflict through acquisition of control of operations will increase the market imperfections. The extent to which a company can mitigate risk depends on how well a firm can formulate an internationalization strategy taking these levels of decision into account
Foreign direct investment
–
FDI of RF 1994-2012
Foreign direct investment
–
Main item of inflow investment in Russian Federation
17.
Economic theory
–
Economics is a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services according to the Merriam-Webster Dictionary. Economics focuses on the behaviour and interactions of economic agents and how economies work, consistent with this focus, textbooks often distinguish between microeconomics and macroeconomics. Microeconomics examines the behaviour of elements in the economy, including individual agents and markets, their interactions. Individual agents may include, for example, households, firms, buyers, macroeconomics analyzes the entire economy and issues affecting it, including unemployment of resources, inflation, economic growth, and the public policies that address these issues. Economic analysis can be applied throughout society, as in business, finance, health care, Economic analyses may also be applied to such diverse subjects as crime, education, the family, law, politics, religion, social institutions, war, science, and the environment. At the turn of the 21st century, the domain of economics in the social sciences has been described as economic imperialism. The ultimate goal of economics is to improve the conditions of people in their everyday life. There are a variety of definitions of economics. Some of the differences may reflect evolving views of the subject or different views among economists, to supply the state or commonwealth with a revenue for the publick services. Say, distinguishing the subject from its uses, defines it as the science of production, distribution. On the satirical side, Thomas Carlyle coined the dismal science as an epithet for classical economics, in this context and it enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man. He affirmed that previous economists have usually centred their studies on the analysis of wealth, how wealth is created, distributed, and consumed, but he said that economics can be used to study other things, such as war, that are outside its usual focus. This is because war has as the goal winning it, generates both cost and benefits, and, resources are used to attain the goal. If the war is not winnable or if the costs outweigh the benefits. Some subsequent comments criticized the definition as overly broad in failing to limit its subject matter to analysis of markets, there are other criticisms as well, such as in scarcity not accounting for the macroeconomics of high unemployment. The same source reviews a range of included in principles of economics textbooks. Among economists more generally, it argues that a particular definition presented may reflect the direction toward which the author believes economics is evolving, microeconomics examines how entities, forming a market structure, interact within a market to create a market system
Economic theory
–
Economists study trade, production and consumption decisions, such as those that occur in a traditional
marketplace.
Economic theory
–
World GDP (PPP) per capita by country (2014)
Economic theory
–
In
Virtual Markets, buyer and seller are not present and trade via intermediates and electronic information. Pictured:
São Paulo Stock Exchange, Brazil.
Economic theory
–
A map showing the main
trade routes for goods within
late medieval Europe.
18.
Manufacturing
–
Manufacturing is the value added to production of merchandise for use or sale using labour and machines, tools, chemical and biological processing, or formulation. Manufacturing engineering or manufacturing process are the steps through which raw materials are transformed into a final product, the manufacturing process begins with the product design, and materials specification from which the product is made. These materials are modified through manufacturing processes to become the required part. Manufacturing takes turns under all types of economic systems, in a free market economy, manufacturing is usually directed toward the mass production of products for sale to consumers at a profit. In a collectivist economy, manufacturing is more directed by the state to supply a centrally planned economy. In mixed market economies, manufacturing occurs under some degree of government regulation, modern manufacturing includes all intermediate processes required the production and integration of a products components. Some industries, such as semiconductor and steel manufacturers use the term fabrication instead, the manufacturing sector is closely connected with engineering and industrial design. Examples of major manufacturers in North America include General Motors Corporation, General Electric, Procter & Gamble, General Dynamics, Boeing, Pfizer, examples in Europe include Volkswagen Group, Siemens, and Michelin. Examples in Asia include Sony, Huawei, Lenovo, Toyota, Samsung, in its earliest form, manufacturing was usually carried out by a single skilled artisan with assistants. In much of the world, the guild system protected the privileges. Before the Industrial Revolution, most manufacturing occurred in rural areas, entrepreneurs organized a number of manufacturing households into a single enterprise through the putting-out system. Toll manufacturing is an arrangement whereby a first firm with specialized equipment processes raw materials or semi-finished goods for a second firm, manufacturing provides important material support for national infrastructure and for national defense. On the other hand, most manufacturing may involve significant social and environmental costs, the clean-up costs of hazardous waste, for example, may outweigh the benefits of a product that creates it. Hazardous materials may expose workers to health risks and these costs are now well known and there is effort to address them by improving efficiency, reducing waste, using industrial symbiosis, and eliminating harmful chemicals. The negative costs of manufacturing can also be addressed legally, developed countries regulate manufacturing activity with labor laws and environmental laws. Across the globe, manufacturers can be subject to regulations and pollution taxes to offset the costs of manufacturing activities. Labor unions and craft guilds have played a role in the negotiation of worker rights. Environment laws and labor protections that are available in developed nations may not be available in the third world, tort law and product liability impose additional costs on manufacturing
Manufacturing
–
Textile factory (
Germany, circa 1975).
Manufacturing
Manufacturing
–
Assembly of Section 41 of a
Boeing 787 Dreamliner
Manufacturing
–
A female industrial
worker amidst heavy steel semi-products (KINEX BEARINGS,
Bytča,
Slovakia, c. 1995–2000)
19.
Third world countries
–
The term Third World arose during the Cold War to define countries that remained non-aligned with either NATO, or the Communist Bloc. This terminology provided a way of categorizing the nations of the Earth into three groups based on political and economic divisions. The Third World was normally seen to many countries with colonial pasts in Africa, Latin America. It was also taken as synonymous with countries in the Non-Aligned Movement. Due to the history of evolving meanings and contexts, there is no clear or agreed-upon definition of the Third World. Some countries in the Communist Bloc, such as Cuba, were regarded as Third World. Historically, some European countries were non-aligned and a few of these were and are very prosperous, including Ireland, Austria, Sweden, Finland, and Switzerland. However, this usage and the concept itself has become outdated in recent years as the term represents the current political or economic state of the world. Sauvy wrote, This third world ignored, exploited, despised like the third estate also wants to be something and he conveyed the concept of political non-alignment with either the capitalist or communist bloc. The Three Worlds Theory developed by Mao Zedong is different from the Western theory of the Three Worlds or Third World, Third Worldism is a political movement that argues for the unity of third-world nations against first-world influence and the principle of non-interference in other countries domestic affairs. The notion has been criticized as providing a fig leaf for human-rights violations, most Third World countries are former colonies. Having gained independence, many of countries, especially smaller ones, were faced with the challenges of nation-. Due to this background, many of these nations were developing in economic terms for most of the 20th century. This term, used today, generally denotes countries that have not developed to the levels as OECD countries. In the 1980s, economist Peter Bauer offered a definition for the term Third World. He claimed that the attachment of Third World status to a country was not based on any stable economic or political criteria. An argument could also be made for how parts of the U. S. are more like the Third World, the only characteristic that Bauer found common in all Third World countries was that their governments demand and receive Western aid, the giving of which he strongly opposed. Thus, the aggregate term Third World was challenged as misleading even during the Cold War period, during the Cold War, unaligned countries of the Third World were seen as potential allies by both the First and Second World
Third world countries
–
An abandoned
Mogadishu street in 1993
Third world countries
–
First World: United States, United Kingdom and their allies.
20.
Industrial robot
–
An industrial robot is a robot system used for manufacturing. Industrial robots are automated, programmable and capable of movement on two or more axes and they can help in material handling and provide interfaces. The most commonly used robot configurations are articulated robots, SCARA robots, delta robots, in the context of general robotics, most types of robots would fall into the category of robotic arms. Robots exhibit varying degrees of autonomy, Some robots are programmed to carry out specific actions over and over again without variation. These actions are determined by programmed routines that specify the direction, acceleration, velocity, deceleration, for example, for more precise guidance, robots often contain machine vision sub-systems acting as their visual sensors, linked to powerful computers or controllers. Artificial intelligence, or what passes for it, is becoming an important factor in the modern industrial robot. The earliest known industrial robot, conforming to the ISO definition was completed by Bill Griffith P. Taylor in 1937 and published in Meccano Magazine, the crane-like device was built almost entirely using Meccano parts, and powered by a single electric motor. Five axes of movement were possible, including grab and grab rotation, Automation was achieved using punched paper tape to energise solenoids, which would facilitate the movement of the cranes control levers. The robot could stack wooden blocks in pre-programmed patterns, the number of motor revolutions required for each desired movement was first plotted on graph paper. This information was transferred to the paper tape, which was also driven by the robots single motor. Chris Shute built a replica of the robot in 1997. George Devol applied for the first robotics patents in 1954, the first company to produce a robot was Unimation, founded by Devol and Joseph F. Engelberger in 1956. Unimation robots were also called programmable transfer machines since their use at first was to transfer objects from one point to another. They used hydraulic actuators and were programmed in joint coordinates, i. e. the angles of the joints were stored during a teaching phase. They were accurate to within 1/10,000 of an inch, Unimation later licensed their technology to Kawasaki Heavy Industries and GKN, manufacturing Unimates in Japan and England respectively. For some time Unimations only competitor was Cincinnati Milacron Inc. of Ohio and this changed radically in the late 1970s when several big Japanese conglomerates began producing similar industrial robots. In 1969 Victor Scheinman at Stanford University invented the Stanford arm and this allowed it accurately to follow arbitrary paths in space and widened the potential use of the robot to more sophisticated applications such as assembly and welding. Scheinman then designed a second arm for the MIT AI Lab, Industrial robotics took off quite quickly in Europe, with both ABB Robotics and KUKA Robotics bringing robots to the market in 1973
Industrial robot
–
Articulated industrial robot operating in a foundry.
Industrial robot
–
A set of six-axis robots used for
welding.
Industrial robot
–
Factory Automation with industrial robots for palletizing food products like bread and toast at a bakery in Germany
Industrial robot
–
George Devol, c. 1982
21.
Degrowth
–
Degrowth is a political, economic, and social movement based on ecological economics, anti-consumerist and anti-capitalist ideas. It is also considered an economic strategy responding to the limits-to-growth dilemma. Key to the concept of degrowth is that reducing consumption does not require individual martyring or a decrease in well-being, there is a fixed supply of non-renewable resources, such as petroleum, and these resources will inevitably be depleted. Renewable resources can also be depleted if extracted at unsustainable rates over extended periods, for example, this has occurred with caviar production in the Caspian Sea. There is much concern as to how growing demand for these resources will be met as supplies decrease, many organizations and governments look to energy technologies such as biofuels, solar cells, and wind turbines to meet the demand gap after peak oil. Others have argued that none of the alternatives could effectively replace versatility and portability of oil, authors of the book Techno-Fix criticize technological optimists for overlooking the limitations of technology in solving agricultural and social challenges arising from growth. Proponents of degrowth argue that demand is the only way of permanently closing the demand gap. For renewable resources, demand, and therefore production, must also be brought down to levels that prevent depletion and are environmentally healthy, moving toward a society that is not dependent on oil is seen as essential to avoiding societal collapse when non-renewable resources are depleted. The ecological footprint is a measure of human demand on the Earths ecosystems and it compares human demand with planet Earths ecological capacity to regenerate. It represents the amount of productive land and sea area needed to regenerate the resources a human population consumes and to absorb. According to a 2005 Global Footprint Network report, inhabitants of high-income countries live off of 6.4 global hectares, for example, while each inhabitant of Bangladesh lives off of what they produce from 0.56 gHa, a North American requires 12.5 gHa. Each inhabitant of North America uses 22.3 times as much land as a Bangladeshi, according to the same report, the average number of global hectares per person was 2.1, while current consumption levels have reached 2.7 hectares per person. In order for the population to attain the living standards typical of European countries. In order for economic equality to be achieved with the current available resources. The eventual reduction of all available resources would lead to a reduction in consumption. Controlled reduction of consumption would reduce the trauma of this change assuming no technological changes increase the carrying capacity. Degrowth thought is in opposition to all forms of productivism and it is, thus, opposed to the current form of sustainable development. While the concern for sustainability does not contradict degrowth, sustainable development is rooted in mainstream development ideas that aim to increase capitalist growth and consumption
Degrowth
–
Pro-degrowth graffiti on the
July Column in the
Place de la Bastille in
Paris during a protest against the
First Employment Contract, March 28, 2006
Degrowth
–
Serge Latouche
22.
Jobless recovery
–
A jobless recovery or jobless growth is an economic phenomenon in which a macroeconomy experiences growth while maintaining or decreasing its level of employment. The term was coined by the economist Nick Perna in the early 1990s, economists are still divided about the causes and cures of a jobless recovery, some argue that increased productivity through automation has allowed economic growth without reducing unemployment. Some have argued that the recent lack of job creation in the United States is due to increased industrial consolidation and growth of monopoly or oligopoly power. The argument is twofold, firstly, small businesses create most American jobs, in addition to employment growth, population growth must also be considered concerning the perception of jobless recoveries. Immigrants and new entrants to the workforce will often accept lower wages, surprisingly, the U. S. Bureau of Labor Statistics does not offer data-sets isolated to the working-age population. Including retirement age individuals in most BLS data-sets may tend to obfuscate the analysis of employment creation in relation to population growth. Additionally, incorrect assumptions about the term, Labor force, might also occur when reading BLS publications, millions of persons are not included within the official definition. The Labor force, as defined by the BLS, is a definition of those officially unemployed. The following table and included chart depicts year-to-year employment growth in comparison to growth for those persons under 65 years of age. As such, baby boomer retirements are removed from the data as a factor for consideration, the working-age population is then determined by subtracting those age 65 and over from the Civilian noninstitutional population and Employment Levels respectively. When examined, by decade, the first decade of the 2000s, deindustrialization Involuntary unemployment Moving the goalposts Exploding Productivity Growth, Context, Causes, and Implications
Jobless recovery
–
Contents
23.
Post-industrial society
–
In sociology, the post-industrial society is the stage of societys development when the service sector generates more wealth than the manufacturing sector of the economy. They all can be used in economics or social science disciplines as a general theoretical backdrop in research design, as the term has been used, a few common themes, including the ones below have begun to emerge. The economy undergoes a transition from the production of goods to the provision of services, knowledge becomes a valued form of capital, see human capital. Producing ideas is the way to grow the economy. Behavioral and information sciences and technologies are developed and implemented, Daniel Bell popularized the term through his 1974 work The Coming of Post-Industrial Society. Although some have credited Bell with coining the term, French sociologist Alain Touraine published in 1969 the first major work on the post-industrial society. The term was used extensively by social philosopher Ivan Illich in his 1973 paper Tools for Conviviality. The term has grown and changed as it became mainstream, the term is now used by admen such as Seth Godin, public policy PhDs such as Keith Boeckelman, and sociologists such as Neil Fligstein and Ofer Sharone. President Bill Clinton even used the term to describe Chinese growth in a discussion in Shanghai in 1998. The post-industrialized society is marked by an increased valuation of knowledge and this itself is unsurprising, having been foreshadowed in Daniel Bell’s presumption as to how economic employment patterns will evolve in such societies. He asserts employment will grow faster in the tertiary relative to employment in the primary and secondary sector. This will continue to occur such that the “impact of the expert” will expand, as tertiary and quaternary sector positions are essentially knowledge-oriented, this will result in a restructuring of education, at least in its nuances. The “new power… of the expert” consequently gives rise to the role of universities. Post-industrial societies themselves become oriented around these places of production and production of experts as their new foci. Consequently, the greatest beneficiaries in the society are young urban professionals. The increasing importance of knowledge in post-industrial societies results in an increase in expertise through the economy. In this manner, it eliminates what Alan Banks and Jim Foster identify as “undesirable work as well as the forms of poverty and inequality. ”This effect is supplemented by the aforementioned movement of power into the hands of young educated people concerned with social justice. Economists at Berkeley have studied the value of knowledge as a form of capital, adding value to material capital, similarly, post-industrial society has serviced the creative culture
Post-industrial society
–
Clark 's Sector model for US economy 1850 -2009.
24.
Urban decay
–
Urban decay is the process whereby a previously functioning city, or part of a city, falls into disrepair and decrepitude. Since the 1970s and 1980s, urban decay has been associated with Western cities, especially in North America, since then, major structural changes in global economies, transportation, and government policy created the economic and then the social conditions resulting in urban decay. In contrast, North American and British cities often experience population flights to the suburbs and exurb commuter towns, another characteristic of urban decay is blight—the visual, psychological, and physical effects of living among empty lots, buildings and condemned houses. Such desolate properties are socially dangerous to the community because they attract criminals and street gangs, however, subsequent economic change left many cities economically vulnerable. Changes in means of transport, from the public to the private—specifically, the manufacturing sector has been a base for the prosperity of major cities. When the industries have relocated outside of cities, some have experienced population loss with associated urban decay, cut backs on police and fire services may result, while lobbying for government funded housing may increase. Increased city taxes encourage residents to move out, rent controls are often enacted due to public pressure and complaint regarding the cost of living. Proponents of rent controls argue that rent controls combat inflation, stabilize the economic characteristics of a population, prevent rent gouging. Rent control contributes to urban blight by reducing new construction and investment in housing and deincentivizing maintenance, if a landlords costs to perform maintenance consume too large a proportion of revenue from rent, the landlord will feel pressure to drastically reduce or eliminate maintenance entirely. This effect has been observed in New York City as 29% of rent-controlled buildings were categorized as either deteriorated or dilapidated in contrast with 8% of non-rent-controlled housing, some historians differentiate between the first Great Migration, numbering about 1. Between 1910 and 1970, Blacks moved from 14 states of the South, especially Alabama, Louisiana, Mississippi, more townspeople with urban skills moved during the second migration. By the end of the Second Great Migration, African Americans had become an urbanized population, more than 80 percent lived in cities. A majority of 53 percent remained in the South, while 40 percent lived in the North and 7 percent in the West. Later urban centers were drained further through the advent of car ownership, the marketing of suburbia as a location to move to. In North America this shift manifested itself in strip malls, suburban retail and employment centers, large areas of many northern cities in the United States experienced population decreases and a degradation of urban areas. Inner-city property values declined and economically disadvantaged populations moved in, in the U. S. the new inner-city poor were often African-Americans that migrated from the South in the 1920s and 1930s. As they moved into traditional neighborhoods, ethnic frictions served to accelerate flight to the suburbs. Britain experienced severe urban decay in the 1970s and 1980s exemplified by The Specials 1981 hit single Ghost Town, some seaside resort towns have also experienced urban decay towards the end of the 20th Century, due to the popularity of Package holidays to the continent
Urban decay
–
Urban decay in the United States: Presidents
Jimmy Carter (5 October 1976) and
Ronald Reagan (5 August 1980) campaigned before this ruin on Charlotte Street in the
South Bronx,
New York City.
Urban decay
–
Club of Lenin Comsomol,
Kashira, Russia in 2009
Urban decay
–
Factory in Spain in 2011
Urban decay
–
Amusement park in Tanzania
25.
Industrial revolution
–
The Industrial Revolution was the transition to new manufacturing processes in the period from about 1760 to sometime between 1820 and 1840. The Industrial Revolution began in Great Britain and most of the important technological innovations were British, aided by these legal and cultural foundations, an entrepreneurial spirit and consumer revolution drove industrialisation in Britain, which would be emulated in countries around the world. A change in marrying patterns to getting married later made able to accumulate more human capital during their youth. The Industrial Revolution marks a turning point in history, almost every aspect of daily life was influenced in some way. In particular, average income and population began to exhibit unprecedented sustained growth, mechanised textile production spread from Great Britain to continental Europe in the early 19th century, with important centres of textiles, iron and coal emerging in Belgium, and later in France. Since then industrialisation has spread throughout much of the world, the precise start and end of the Industrial Revolution is still debated among historians, as is the pace of economic and social changes. Economic historians are in agreement that the onset of the Industrial Revolution is the most important event in the history of humanity since the domestication of animals and plants. The term Industrial Revolution applied to change was becoming more common by the late 1830s. Friedrich Engels in The Condition of the Working Class in England in 1844 spoke of an industrial revolution, however, although Engels wrote in the 1840s, his book was not translated into English until the late 1800s, and his expression did not enter everyday language until then. Credit for popularising the term may be given to Arnold Toynbee, some historians, such as John Clapham and Nicholas Crafts, have argued that the economic and social changes occurred gradually and the term revolution is a misnomer. This is still a subject of debate among some historians, the commencement of the Industrial Revolution is closely linked to a small number of innovations, beginning in the second half of the 18th century. By the 1830s the following gains had been made in important technologies, Textiles – mechanised cotton spinning powered by steam or water greatly increased the output of a worker, the power loom increased the output of a worker by a factor of over 40. The cotton gin increased productivity of removing seed from cotton by a factor of 50, large gains in productivity also occurred in spinning and weaving of wool and linen, but they were not as great as in cotton. Steam power – the efficiency of steam engines increased so that they used between one-fifth and one-tenth as much fuel, the adaptation of stationary steam engines to rotary motion made them suitable for industrial uses. The high pressure engine had a power to weight ratio. Steam power underwent an expansion after 1800. Iron making – the substitution of coke for charcoal greatly lowered the fuel cost for pig iron, using coke also allowed larger blast furnaces, resulting in economies of scale. The cast iron blowing cylinder was first used in 1760 and it was later improved by making it double acting, which allowed higher furnace temperatures
Industrial revolution
–
A
Watt steam engine. The
steam engine, made of iron and fueled primarily by
coal, became widely used in the
United Kingdom during the Industrial Revolution.
Industrial revolution
–
Iron and Coal, 1855–60, by
William Bell Scott illustrates the rise of coal and iron working in the Industrial Revolution and the heavy engineering projects they made possible.
Industrial revolution
–
Model of the
spinning jenny in a museum in
Wuppertal. Invented by
James Hargreaves in 1764, the spinning jenny was one of the innovations that started the revolution.
Industrial revolution
–
The only surviving example of a
spinning mule built by the inventor
Samuel Crompton.
26.
Great Divergence
–
Scholars have proposed a wide variety of theories to explain why the Great Divergence happened, including geography, colonialism, resources, and customary traditions. Before the Great Divergence, the developed areas included Western Europe, East Asia, the Indian subcontinent. In each of these areas, differing political and cultural institutions allowed varying degrees of development. Western Europe, China, Korea and Japan had developed to a high level and began to face constraints on energy and land use. Technological advances, such as railroads, steamboats, mining, technology led to increased industrialization and economic complexity in the areas of agriculture, trade, fuel and resources, further separating the East and the West. Western Europes use of coal as a substitute for wood in the mid-19th century gave it a major head start in modern energy production. The Western powers also had the advantage of larger quantities of raw materials and substantial captive trading markets, China and the rest of Asia participated in trading, but colonization of Africa and the Americas brought a distinct advantage to the West. The term Great Divergence was coined by Samuel P. Huntington in 1996 and used by Kenneth Pomeranz in his book The Great Divergence, China, Europe, broadly, both terms signify a socioeconomic shift in which European countries advanced ahead of others during the modern period. The timing of the Great Divergence is in dispute among historians, the traditional dating is as early as the 16th century, with scholars arguing that Europe had been on a trajectory of higher growth since that date. Pomeranz and others argue that the period of most rapid divergence was during the 19th century, citing nutrition data and chronic European trade deficits as evidence, these scholars claim that before that date Asia, especially China in the Yangzi delta, was wealthier and more advanced. Others, while accepting parity of incomes between the most prosperous parts of China and Europe around 1800, trace the first significant changes in European economies back to the 17th century. Others argue that the factors behind the divergence can be traced to earlier periods and institutions such as the Renaissance. Unlike modern industrial economies, pre-modern economies were constrained by conditions which greatly limited economic growth, rapid rates of depreciation on capital meant that a great part of savings in pre-modern economies were spent on replacing depleted capital, hampering capital accumulation. Massive windfalls of fuel, land, food and other resources were necessary for continued growth and capital accumulation, the Industrial Revolution overcame these restraints, allowing rapid, sustained growth in per capita incomes for the first time in human history. After the Viking, Muslim and Magyar invasions waned in the 10th century, Europe entered a period of prosperity, population growth, trade and commerce revived, with increased specialization between areas and between the countryside and artisans in towns. By the 13th century the best land had been occupied and agricultural income began to fall, though trade and commerce continued to expand, especially in Venice, the 14th century brought a series of calamities, famines, wars, the Black Death and other epidemics. The resulting drop in the led to falling rents and rising wages. In the Age of Exploration navigators discovered new routes to the Americas, commerce expanded, together with innovations such as joint stock companies and various financial institutions
Great Divergence
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The distribution of coal deposits shaped industrial development in Britain.
Great Divergence
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Maddison's estimates of GDP per capita at purchasing power parity in 1990 international dollars for selected European and Asian nations between 1500 and 1950, showing the explosive growth of some European nations from the early 19th century
Great Divergence
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A
Watt steam engine, the
steam engine fuelled primarily by
coal that propelled the Industrial Revolution in
Great Britain and the world
Great Divergence
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World lead production peaking in the
Roman period and the rising
Industrial Revolution
27.
The End of Work
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The End of Work, The Decline of the Global Labor Force and the Dawn of the Post-Market Era is a non-fiction book by American economist Jeremy Rifkin, published in 1995 by Putnam Publishing Group. In 1995, Rifkin contended that worldwide unemployment would increase as information technology eliminated tens of millions of jobs in the manufacturing, agricultural and he predicted devastating impact of automation on blue-collar, retail and wholesale employees. A number of economists and sociologists have been critical of Jeremy Rifkin for being one of the contributors to the end of work discourse. A major theme of the The End of Work is that productivity would lead to the destruction of jobs, however, the book appeared when productivity growth had been in a slowdown since the early 1970s. Because the widespread use of computers in the 1980s and early 1990s did not live up to the expectations for productivity growth. Strong productivity growth finally appeared in the late 1990s and lasted a few years, the productivity slowdown is still being debated. Strong growth but without absorbing large numbers of unemployed people is called a jobless recovery and this process is known as creative destruction. A Critique of Rifkin and Negri, presented at the Globalization from Below Conference at Duke University, also published in Bonefeld, Werner, ed. Revolutionary Writing, Common Sense Essays in Post-Political Politics. I argue that they are not, for Rifkins technological determinism does not take account the dynamics of employment. The end of work literature of the 1990s, therefore, is not only theoretically and empirically disconfirmed, turning Point, an End to the Growth Paradigm. The Way It Worked and Why It Won’t, Structural Change, by Erik Brynjolfsson and Andrew McAfee Paepke, C. The Evolution of Progress, The End of Economic Growth and the Beginning of Human Transformation, I Lost My Job. documentary by New Future Media Zeitgeist Moving Forward. Documentary Jeremy Rifkin, The Foundation of Economic Trends, Books, a Critique of Rifkin and Negri Whats Wrong with This Picture. A critique of Jeremy Rifikins book The End of Work by Bob Black
The End of Work
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Front Cover
28.
Rust Belt
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The term gained popularity in the U. S. in the 1980s. While some cities and towns have managed to adapt by shifting focus towards services and high-tech industries, others have not fared as well, witnessing rising poverty and declining populations. The flourishing of industrial manufacturing in the region was caused in part by the proximity to the Great Lakes waterways. After the transportation infrastructure linked the iron ore found in northern Minnesota, Wisconsin and Upper Michigan with the coal mined from Appalachian Mountains and this region for decades served as a magnet for immigrants from Austria-Hungary, Poland and Russia who provided the industrial facilities with inexpensive labor. Following several boom periods from the late-19th to the century, cities in this area struggled to adapt to a variety of adverse economic. As people migrate, they often coin new names for their destinations, since the term Rust Belt pertains to a set of economic and social conditions rather than to an overall geographical region of the United States per se, the Rust Belt has no precise boundaries. This includes most of the cities of the Midwest as far west as the Mississippi River, including St. Louis, before World War II, the cities in the Rust Belt region were among the largest in the United States. However, by the centurys end their population had fallen the most in the country. A gate was opened between a variety of burgeoning industries on the interior North American continent and the markets not only of the large Eastern cities. Coming in the direction were millions of European immigrants, who populated the cities along the Great Lakes shores with then-unprecedented speed. Chicago, famously, was a trading post in the 1840s. Early signs of the difficulty in the states were evident early in the 20th century. Outsourcing of manufacturing jobs in tradeable goods has been an important issue in the region, one source has been globalization and the expansion of worldwide free trade agreements. Some economists contend that the U. S. is borrowing to fund consumption of imports while accumulating unsustainable amounts of debt, since the 1960s, the expansion of worldwide free trade agreements have been less favorable to U. S. workers. Imported goods such as steel cost much less to produce in Third World countries with cheap foreign labor, beginning with the recession of 1970–71, a new pattern of deindustrializing economy emerged. Competitive devaluation combined with each successive downturn saw traditional U. S. manufacturing workers experiencing lay-offs, in general, in the Factory Belt employment in the manufacturing sector declined by 32. 9% between 1969 and 1996. A gradual expansion of the U. S. trade deficit with China began in 1985, in the ensuing years the U. S. developed a massive trade deficit with the East Asian nations of China, Japan, Taiwan, and South Korea. As a result, the manufacturing workers in the region have experienced economic upheaval
Rust Belt
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An abandoned
Fisher auto body plant in Detroit
Rust Belt
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>58% loss
Rust Belt
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A steel plant in
Bethlehem, PA. Though the blast furnaces themselves remain intact, part of the property was sold in 2007 and turned into the
Sands Casino Resort Bethlehem.
Rust Belt
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An unused
grain elevator in Buffalo
29.
Oxford University Press
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Oxford University Press is the largest university press in the world, and the second oldest after Cambridge University Press. It is a department of the University of Oxford and is governed by a group of 15 academics appointed by the known as the delegates of the press. They are headed by the secretary to the delegates, who serves as OUPs chief executive, Oxford University has used a similar system to oversee OUP since the 17th century. The university became involved in the print trade around 1480, and grew into a printer of Bibles, prayer books. OUP took on the project became the Oxford English Dictionary in the late 19th century. Moves into international markets led to OUP opening its own offices outside the United Kingdom, by contracting out its printing and binding operations, the modern OUP publishes some 6,000 new titles around the world each year. OUP was first exempted from United States corporation tax in 1972, as a department of a charity, OUP is exempt from income tax and corporate tax in most countries, but may pay sales and other commercial taxes on its products. The OUP today transfers 30% of its surplus to the rest of the university. OUP is the largest university press in the world by the number of publications, publishing more than 6,000 new books every year, the Oxford University Press Museum is located on Great Clarendon Street, Oxford. Visits must be booked in advance and are led by a member of the archive staff, displays include a 19th-century printing press, the OUP buildings, and the printing and history of the Oxford Almanack, Alice in Wonderland and the Oxford English Dictionary. The first printer associated with Oxford University was Theoderic Rood, the first book printed in Oxford, in 1478, an edition of Rufinuss Expositio in symbolum apostolorum, was printed by another, anonymous, printer. Famously, this was mis-dated in Roman numerals as 1468, thus apparently pre-dating Caxton, roods printing included John Ankywylls Compendium totius grammaticae, which set new standards for teaching of Latin grammar. After Rood, printing connected with the university remained sporadic for over half a century, the chancellor, Robert Dudley, 1st Earl of Leicester, pleaded Oxfords case. Some royal assent was obtained, since the printer Joseph Barnes began work, Oxfords chancellor, Archbishop William Laud, consolidated the legal status of the universitys printing in the 1630s. Laud envisaged a unified press of world repute, Oxford would establish it on university property, govern its operations, employ its staff, determine its printed work, and benefit from its proceeds. To that end, he petitioned Charles I for rights that would enable Oxford to compete with the Stationers Company and the Kings Printer and these were brought together in Oxfords Great Charter in 1636, which gave the university the right to print all manner of books. Laud also obtained the privilege from the Crown of printing the King James or Authorized Version of Scripture at Oxford and this privilege created substantial returns in the next 250 years, although initially it was held in abeyance. The Stationers Company was deeply alarmed by the threat to its trade, under this, the Stationers paid an annual rent for the university not to exercise its full printing rights – money Oxford used to purchase new printing equipment for smaller purposes
Oxford University Press
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Oxford University Press on
Walton Street.
Oxford University Press
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2008 conference booth
