Word: retools
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During the first phase of the plan, AMC will retool China's standard jeep, the BJ-212. Called a "Jipu" in Chinese slang, the BJ-212 is a 30-year-old vehicle of partly Soviet design. AMC will install a fuel-efficient, four-cylinder engine and other improvements. The first spruced-up Jipus will roll off Peking's assembly lines in 1984. Starting in 1987, the vehicle will be replaced by a version of AMC's popular CJ7 Jeep...
...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...
Aside from these specific proposals, Reich's outline for a national industrial policy is vague. He calls for the establishment of Government-financed "regional development banks" that would offer low-interest loans to companies promising to retool their factories...
...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...
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...