Word: rustbelt
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Dates: during 2000-2009
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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...