It’s much worse than people realize.

Source: www.businessinsider.com

The relatively recent decline of music industry, as well as the newspaper industry, are good examples to teach the concept of creative destruction.  As jobs are created through new emerging technologies, older jobs will be rendered obsolete and be ‘destroyed.’  While many bemoan the loss of particular jobs as regrettable, it is a part of globalization of economic geography that as jobs are created with new technologies, other jobs disappear.  Indoor plumbing meant the death of the water-carrying guilds (while I might be sad they lost their jobs, I’m keeping my plumbing).  The trick is to make these transitions smooth and to prepare the labor force to have skills that the new economy will demand so that individual families and workers aren’t casualties of this ‘creative destruction’ process.     


Tags:  economic, labor, globalization, unit 6 industry.