Word: strukturwandel
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With the time gained by temporary protectionist measures and a subsistence diet of subsidies, Europe's threatened industries must accomplish a formidable task of rejuvenation. In West Germany, Strukturwandel (structural change) is constantly on the lips of industrialists, politicians, economists and union bosses. The term covers a variety of measures: a switch to profitable products, heavy investment in machinery, "rationalization," or reduction of labor forces where warranted, the retraining of surplus workers, even a shift of emphasis in the education system away from the humanities to technical training in new industries. "Our industry must manufacture goods that others...
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