Word: rustbelt
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...might spend time in Halle seeing what an injection of money can and can't do to a local economy. Governments from the U.S. to China - anyone who believes that opening the fiscal spigot can stave off disaster, and especially those who think that public spending can polish up rustbelt cities like Detroit or Harbin - would be advised to take some east German lessons. (See pictures of Detroit's decline...
...Another 15% of permits would be given free of charge to energy-intensive factories in the Rustbelt, such as steel, glass, cement, aluminum and paper plants, which would become less competitive internationally if they had to pay for permits. For its part, the hard-hit auto industry would be treated to 3% of the permits to encourage domestic production of electric and fuel efficient vehicles...
...longer is it just the blue-collar workforce—the Midwestern hardhats, the Southern millers, the Rustbelt miners—who watch their plants close and their jobs replaced because foreign labor is cheaper. Now, we are told, it is all of us whose (future) jobs are at risk. Or, more precisely, it is every service sector worker who need not appear in person: today’s Bangalore customer service callers could become tomorrow’s investment bankers...
...Laws of Our Fathers (Farrar, Straus & Giroux; 534 pages; $26.95) follows Turow's three previous best-selling novels--Presumed Innocent, The Burden of Proof and Pleading Guilty --in its portrayal of life, death and the search for justice in the Tri-Cities area of Kindle County, an imaginary Rustbelt terrain of remarkable moral and spiritual ambiguity. Once again a sensational trial forms the ostensible center of the novel while Turow demonstrates how inadequately the order in the courtroom mirrors the messy reality outside...
Welcome to the upside-down '90s. Not since collapsing oil prices sent Texas and the rest of the Southwest into a slump nearly a decade ago has the U.S. witnessed such a stunning reversal of regional fortunes. The new winners include Midwestern farmers and Rustbelt manufacturers whose prosaic products, from corn to machine tools, are in hot demand around the world. Among the losers are Wall Street investment bankers, whose earnings have plunged with the waning of the buyout binge, and defense contractors across the country, who can expect new cutbacks as the cold war ends...