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The Industries

The Industries

Chapter:
(p.23) Chapter Three The Industries
Source:
Economic Turbulence
Author(s):
Clair Brown
Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226076348.003.0003

This chapter surveys the economic change sweeping five industries—financial services, semiconductors, software, retail food, and trucking—specifically taking the work of experts in each industry, who have spent their careers talking directly to businesses, and sketching out an overview of the workforce of the five industries. It then discusses the events that have buffeted each of them. The banking industry has gradually become a workplace for higher-skilled workers, as the proportion of workers in higher-educated and higher-paying occupations has increased while the proportion in lower-paying positions has decreased. The labor market structure in the trucking industry is very different from those in the other industries. Technological change and globalization played an important role in the evolution of software industry. The typical food retailer maintains a hierarchical and centralized approach to labor. It is suggested that the five industries discussed in the chapter constitute a microcosm of the broader economy.

Keywords:   financial services, semiconductors, software, retail food, trucking, banking industry, labor market, globalization

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