Current Economic Situation Essay Example | Topics and Well Written Essays - 250 words

Current Economic Situation - Essay ExampleAs a result, the USA witnessed a growth in suburbs. Then the 1970s recession destroyed the predominantly industrial cities and created a way for the growth of the knowledge sectors and new geographic centers.The scrimping suffered from the inefficiencies arising from the manufacturing era. The West Coast see a boom, but many cities focused on cheap yet appreciating housing, turning it into its main industry. Yet, as Florida (2009) outlined in his article, such development was too one sided so that once the crisis occurred, the housing markets crashed, as did the local economys major industry.On the other hand, places such as New York kick in survived and will remain centers of innovation and progress. The latest developments have favored flexible, innovative and international labor force. Moreover, areas harboring such labor force are also diverse in terms of the skills and services these individuals provide. Such a labor force creates n ew ideas and easily takes over the economy once one segment of that economy falters. For example, whereas the finance, housing and industrial sector suffered, academics and scientists benefitted from this crisis, and so did the cities harboring them, thus creating new spatial fixes around which new forms of genial structures will form.The social structure will dislodge over the next decade or more. fit to Florida (2010), the high paying workers will profit from their creativity just as the workers in the manufacturing areas benefitted after the cracking Depression. Moreover, suburbs and their communities will become denser, more diverse and connected, responding to the need for fast communication, production and delivery of ideas. A change in homeownership will arise, where renting will become more widespread, increasing mobility of workers. In short, Harvey (2001) borrowed the term