Word: smokestack
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That metamorphosis is symbolic of a sweeping transformation that is creating a New Economy. It is a two-tiered economy marked by swift change and stark contrasts. While traditional smokestack industries are reeling from foreign competition, surging high-technology companies are leading the world in innovation. Though hundreds of thousands of blue-collar assembly-line workers have lost their livelihoods, white-collar engineers have had their pick of high-paying jobs. Last year 25,346 businesses went bankrupt, the most since the Great Depression, but 566,942 new companies opened their doors. Says Delaware Governor Pierre du Pont...
...Smokestack industries need not die in the New Economy, but they must be leaner, more productive and better managed. Workers will lose jobs and go through very hard times, but with the help of retraining, there can be second acts in American working lives. An eclectic and energetic band of U.S. entrepreneurs is likely to keep creating openings in fields now barely explored. One thing is certain: protectionism cannot stop or even slow the advance of technology. The U.S. can either continue to ride the crest of the New Economy wave or follow in the trough behind. -By Charles...
...labor, Reich urges a similar sacrifice--to look beyond the short term and more to high tech. He argues that the union leaders must realize that clutching to tariffs and hard-line positions may pay off for a time but not once those smokestack industries begin to lose international competition...
Indeed, slowing demand for electricity all over the country has become the biggest deterrent to nuclear power, even more so than burdensome regulation and community fears about safety. Buoyant assumptions about industrial growth, in vogue when most nuclear plants were conceived, have not held up. Smokestack industries-autos, steel, chemicals-that were expected to consume more and more electricity from the atom are waning in importance in the American economy as imports grab bigger shares of U.S. markets. Demand for electricity by what was supposed to be an ever more affluent, wasteful society has fallen off sharply. U.S. consumption...
...Economic Strategy for the '80s," Hart presents a comprehensive program for recovery and growth. This package includes support for education, investment incentives, progressive tax restructuring (he favors an expenditures tax), retraining of workers displaced out of "smokestack" industries, and, above all, technology...