Question

How has our economy in the U.S. moved from manufacturing to service? (What empirical evidence is there to support those claims?) What processes have facilitated that movement? In what ways has our economic restructuring influenced the global economy? Has it benefited or disadvantaged workers worldwide? Explain and use examples (for ex: No Logo) (please base it on stratification issues)

Answer 1

The US economy moved from manufacturing to service sector in the late 80s and early 90s due to the introduction of IT sector. The empirical evidence is clearly available from the fact that almost 79% of the US share of GDP comes from the service sector. The economy of the US has influenced the global economy in a great way to shift its focus towards the service sector. One of the most evident examples is that of India, which was initially an agriculture-rich economy, however, today almost 65% of its GDP value is contributed by the service sector. It has benefitted workers worldwide because firstly the income levels have drastically risen across all sectors(and not just the IT or service sector). And secondly, the rate of unemployment has also reduced significantly due to increasingly new avenues of work that are being introduced daily.