Word: retooling
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Dates: during 1980-1989
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...developing nations such as South Korea and Malaysia, where the cost of labor is lower than in the U.S. To remain prosperous, Reich says, American industry must concentrate on high-priced, low-volume customized products. Examples: computer-controlled machine tools and high-tensile-strength steel. But rather than retool factories to make such advanced products, Reich charges, many companies have stayed with low-cost goods and petitioned the Government for protection from imports...
...deeper. Many of the industries most debilitated by the nation's economic woes-coal, electric power, steel, primary metals and chemicals-form the basis for the state's economy. Unlike other industrial states such as Michigan and Ohio, West Virginia has made little effort to diversify and retool its economy by luring high-tech businesses. "Usually West Virginia begins to recover about six months after the nation," says Arnold Margolin, the state's chief economist. "But there's an old saying, 'When the nation catches a cold, West Virginia catches pneumonia...
...workers employed by Firestone at the factory had dwindled from a peak of 850 in early 1980 to 260. Bridgestone intends to keep on all current employees and recall 170 laid-off workers, probably by next week. The company will invest $35 million over the next five years to retool the factory with efficient new equipment and perhaps quadruple the current tire output...
Universities increasingly count on the corporate world to absorb the glut of Ph.D.s. Such universities as Harvard, Pennsylvania, Stanford, Virginia, Texas and U.C.L.A. have set up programs to retool humanities Ph.D.s for jobs in the business sector. Says Ed Escobedo, director of career planning at Stanford: "Humanists can do just about anything. They possess writing abilities, administrative abilities and the ability to work with values." Since 1978, New York University has been conducting summer crash courses in accounting, finance, economics and marketing for scholars from all over the country. Of the 271 graduates, nearly all have got jobs...
...culprit is the Walsh Bros. Co., signed on by Harvard to retool Lowell and Winthrop Houses, which were secretly falling to pieces. Somehow, Walsh's fire alarms, installed in mid-summer, have managed to be triggered by just about anything--footsteps, sneezes, running water, sunrise. The one thing these smoke alarms don't seem sensitive to, oddly enough, is fire. One student tells of accidentally failing to open his fireplace flue, seeing his room fill up with smoke, and never hearing a peep out of his detector...