Word: high-tech
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...signs dot the lawns of once proud neighborhoods, and retail shops are closing because regular customers no longer have extra money to spend. Unemployment rates stand at 14.9% in Michigan and 13% in Ohio, sharply above the national level of 10.2%. Yet in many other areas the rise of high-tech companies has spawned pockets of booming growth: the Route 128 strip around Boston, California's Silicon Valley and the Research Triangle Park area in North Carolina. The uneven distribution of job opportunities is beginning to cause mass migrations reminiscent of other periods in American history. Thousands of young...
Moreover, the fastest areas of manufacturing growth will be high-tech fields such as semiconductors and computers, while old industries will continue to suffer. A committee of academics, Congressmen, labor leaders and business executives, chaired by Senator William Roth of Delaware and Congressman Don Bonker of Washington, will soon issue a report concluding that by the 1990s, employment in such smokestack industries as steel and autos will shrink from the present 20% of the labor force to perhaps...
...military power? McDonald's now employs more workers than U.S. Steel. Can such trends continue? Business leaders in the older sectors of the economy insist that they cannot. Says John Nevin, chairman of Firestone Tire & Rubber: "It's utter nonsense that we are going to become a high-tech and a service economy. The high-tech companies have more manufacturing offshore than here. The idea that we can have an economy by selling hamburgers to each other is absurd...
...direction of education is as much a concern as its poor quality. High school curriculums have tilted toward home economics, music and driver education at the expense of the math and science needed for jobs in the new high-tech industries. About half of all students take no math after the tenth grade, and 80% drop science. Says New York City Investment Banker Felix Rohatyn: "The more we look at tomorrow's technologies, the more we see a need for higher skills. So far, our educational system really has not been geared to producing those skills." Several companies have...
...industry in the New Economy will involve such showy high-tech fields as microchips, computers and lasers. A large number of unglamorous service jobs will proliferate between now and 1990 (see table). And many new products will be low tech or no tech. A typical example: one of the greatest growth industries for the rest of the century will be the broad field of health. Americans are living longer, and the children born during the baby-boom years (1946-64) are trying to guard their youth as they head toward middle age. Fitness is a health-related business that...