Word: steeling
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Dates: during 1980-1989
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...allow its basic industries to atrophy and still remain a major industrial and military power? McDonald's now employs more workers than U.S. Steel. Can such trends continue? Business leaders in the older sectors of the economy insist that they cannot. Says John Nevin, chairman of Firestone Tire & Rubber: "It's utter nonsense that we are going to become a high-tech and a service economy. The high-tech companies have more manufacturing offshore than here. The idea that we can have an economy by selling hamburgers to each other is absurd...
...such low-paying categories as secretaries, nurses' aides, janitors, sales clerks and cashiers (see table). Although the total numbers are not as large, the fastest percentage growth will come in highly technical professions like computer programming and software writing. Those are not skills that a 45-year-old steel-worker can pick up easily...
...upheavals facing the U.S. economy are hardly unique. All industrial nations are struggling with the onrush of technology and the painful transition from the past to the future. Western Europe is having a particularly difficult time moving toward the New Economy. In most European countries, many heavy industries like steel and coal mining are nationalized. Political pressure has made it difficult for governments to shrink these industries and move workers into new fields. In addition, European workers are much less willing than Americans to pick up and move to a new location. European governments have also made it very expensive...
Several governments in Europe are trying to introduce some dynamism into their economies. Prime Minister Margaret Thatcher has chopped the job rolls of Britain's nationalized steel industry by 52%. At the same time, her government has guaranteed loans totaling $465 million to 10,000 small businesses. Even the Socialist government of Francois Mitterrand has launched a new austerity program that calls for a 10% cut in the work force of France's steel industry. With a historic French search for a centralized government solution, Mitterrand is trying to move his country into high technology with...
Kirkland is right that many imports are subsidized by a foreign government, but when the U.S. retaliates, both countries lose. The steel trade is a good illustration. For well over a decade many European nations have protected their national steel industries with steady infusions...