Quotes About De-industrialization

Back in the 1980s parts of our country were devastated by de-industrialisation. This wave of globalisation and the first fruits of technological innovation destroyed industrial jobs or exported them to low-wage economies. The loss of work had a devastating impact.

You can't fight the fact that Detroit is a de-industrializing market and it isn't facing dramatic, positive transformation.

We have the British motor industry as a role model for what happens when you try to save an industrial dinosaur. Britain was the first country to industrialise and the first to de-industrialise. We should learn from this.

De-industrialization also has a negative effect on a country's balance of payments because services are inherently more difficult to export than manufactured goods. A balance of payments deficit means that the country cannot 'pay its way' in the world. Of course, a country can plug the hole through foreign borrowing for a while, but eventually it will have to lower the value of its currency, thereby reducing its ability to import and thus its living standard.