A trade union or labor union, often simply referred to as a union, is an organization of workers whose purpose is to maintain or improve the conditions of their employment, such as attaining better wages and benefits, improving working conditions, improving safety standards, establishing complaint procedures, developing rules governing status of employees and protecting and increasing the bargaining power of workers.
Economic growth can be defined as the increase or improvement in the inflation-adjusted economy in a financial year. The economic growth rate is typically calculated as real Gross domestic product (GDP) growth rate, real GDP per capita growth rate or GNI per capita growth. The "rate" of economic growth refers to the geometric annual rate of growth in GDP or GDP per capita between the first and the last year over a period of time. This growth rate represents the trend in the average level of GDP over the period, and ignores any fluctuations in the GDP around this trend. Growth is usually calculated in "real" value, which is inflation-adjusted, to eliminate the distorting effect of inflation on the prices of goods produced. Real GDP per capita is the GDP of the entire country divided by the number of people in the country. Measurement of economic growth uses national income accounting.
Import substitution industrialization (ISI) is a trade and economic policy that advocates replacing foreign imports with domestic production. It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. The term primarily refers to 20th-century development economics policies, but it has been advocated since the 18th century by economists such as Friedrich List and Alexander Hamilton.
The Rust Belt, formerly the Steel Belt, is an area of industrial decline in the United States. From the late 19th century to late 20th century, the region formed the industrial heartland of the country, with its economies largely based on automobile and steel production, coal mining, and processing of raw materials. The term "Rust Belt" is a dysphemism to describe an industry that has "rusted out", referring to the impact of deindustrialization, economic decline, population loss, and urban decay which is attributable to an area's shrinking industrial sector. The term gained popularity in the U.S. beginning in the 1980s when it was commonly contrasted with the Sun Belt, which was then surging. Common definitions of the region stretch from Upstate New York and western Pennsylvania to southeastern Wisconsin and northern Illinois, including large parts of Ohio, Indiana, and Michigan. Some definitions of the Rust Belt also include parts of Iowa, Kentucky, Maryland, Minnesota, Missouri, New Jersey and West Virginia. Much of the Rust Belt is synonymous with the Great Lakes region of the United States.
Labor intensity is the relative proportion of labor used in any given process. Its inverse is capital intensity. Labor intensity is sometimes associated with agrarianism, while capital intensity is sometimes associated with industrialism.
In economics, the Baumol effect, also known as Baumol's cost disease, first described by William J. Baumol and William G. Bowen in the 1960s, is the tendency for wages in jobs that have experienced little or no increase in labor productivity to rise in response to rising wages in other jobs that did experience high productivity growth. In turn, these sectors of the economy become more expensive over time, because their input costs increase while productivity does not. Typically, this affects services more than manufactured goods, and in particular health, education, arts and culture.
The Great Divergence or European miracle is the socioeconomic shift in which the Western world overcame pre-modern growth constraints and emerged during the 19th century as the most powerful and wealthy world civilizations, eclipsing previously dominant or comparable civilizations from the Middle East and Asia such as Qing China, Mughal India, the Ottoman Empire, Safavid Iran, and Tokugawa Japan, among others.
Shrinking cities or urban depopulation are dense cities that have experienced a notable population loss. Emigration is a common reason for city shrinkage. Since the infrastructure of such cities was built to support a larger population, its maintenance can become a serious concern. A related phenomenon is counterurbanization.
The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and service industries which exist to facilitate the transport, distribution and sale of goods produced in the secondary sector (tertiary). The model was developed by Allan Fisher, Colin Clark, and Jean Fourastié in the first half of the 20th century, and is a representation of an industrial economy. It has been criticised as inappropriate as a representation of the economy in the 21st century.
Labour in India refers to employment in the economy of India. In 2020, there were around 476.67 million workers in India, the second largest after China. Out of which, agriculture industry consist of 41.19%, industry sector consist of 26.18% and service sector consist 32.33% of total labour force. Of these over 94 percent work in unincorporated, unorganised enterprises ranging from pushcart vendors to home-based diamond and gem polishing operations. The organised sector includes workers employed by the government, state-owned enterprises and private sector enterprises. In 2008, the organised sector employed 27.5 million workers, of which 17.3 million worked for government or government owned entities.
Economic restructuring is used to indicate changes in the constituent parts of an economy in a very general sense. In the western world, it is usually used to refer to the phenomenon of urban areas shifting from a manufacturing to a service sector economic base. It has profound implications for productive capacities and competitiveness of cities and regions. This transformation has affected demographics including income distribution, employment, and social hierarchy; institutional arrangements including the growth of the corporate complex, specialized producer services, capital mobility, informal economy, nonstandard work, and public outlays; as well as geographic spacing including the rise of world cities, spatial mismatch, and metropolitan growth differentials.
Reindustrialization is the economic, social, and political process of organizing national resources for the purpose of re-establishing industries in response to deindustrialization.
The steel crisis was a recession in the global steel market during the 1973–1975 recession and early 1980s recession following the post–World War II economic expansion and the 1973 oil crisis, further compounded by the 1979 oil crisis, and lasted well into the 1980s.
The post–World War II economic expansion, also known as the postwar economic boom or the Golden Age of Capitalism, was a broad period of worldwide economic expansion beginning with the aftermath of World War II and ending with the 1973–1975 recession. The United States, the Soviet Union and Western European and East Asian countries in particular experienced unusually high and sustained growth, together with full employment.
Robert Rowthorn FAcSS FLSW is Emeritus Professor of Economics at the University of Cambridge and has been elected as a Life Fellow of King’s College. He is also a senior research fellow of the Centre for Population Research at the Department of Social Policy and Intervention, University of Oxford.
The economy of Youngstown, Ohio, United States, flourished in the 19th and early 20th centuries, with steel production reaching all-time highs at that time. The steel boom led to an influx of immigrants to the area looking for work, as well as construction of skyscrapers in the area. The city's population peaked at 170,002 in 1930, just at the onset of the Great Depression. World War II also brought a great demand for steel. After World War II, demand for steel dropped off dramatically, and industrial base of Youngstown began to see a decline.
Manufacturing is a vital economic sector in the United States of America. The United States is the world's second-largest manufacturer after the People's Republic of China with a record high real output in 2021 of $2.5 trillion.
Technological unemployment is the loss of jobs caused by technological change. It is a key type of structural unemployment. Technological change typically includes the introduction of labour-saving "mechanical-muscle" machines or more efficient "mechanical-mind" processes (automation), and humans' role in these processes are minimized. Just as horses were gradually made obsolete as transport by the automobile and as labourer by the tractor, humans' jobs have also been affected throughout modern history. Historical examples include artisan weavers reduced to poverty after the introduction of mechanized looms. Thousands of man-years of work was performed in a matter of hours by the bombe codebreaking machine during World War II. A contemporary example of technological unemployment is the displacement of retail cashiers by self-service tills and cashierless stores.
Statistics on unemployment in India had traditionally been collected, compiled and disseminated once every ten years by the Ministry of Labour and Employment (MLE), primarily from sample studies conducted by the National Sample Survey Office. Other than these 5-year sample studies, India had historically not collected monthly, quarterly or yearly nationwide employment and unemployment statistics on a routine basis. In 2016, the Centre for Monitoring Indian Economy, a non-governmental entity based in Mumbai, started sampling and publishing monthly unemployment in India statistics. Despite having one of the longest working hours, India has one of the lowest workforce productivity levels in the world. Economists often say that due to structural economic problems, India is experiencing jobless economic growth.
Deindustrialisation refers to the process of social and economic change caused by the removal or reduction of industrial activity and employment in a country or region, especially heavy industry or manufacturing industry. Deindustrialisation is common to all mature Western economies, as international trade, social changes, and urbanisation have changed the financial demographics after World War II. Phenomena such as the mechanisation of labour render industrial societies obsolete, and lead to the de-establishment of industrial communities.
