key term - Deindustrialization

Definition

Deindustrialization is the process through which industrial activity in a region or economy diminishes over time, often marked by the closure of manufacturing plants and a shift towards service-oriented sectors. This transition can lead to significant economic and social changes, including job losses and urban decline.

Related terms

Globalization:

The process of interaction and integration among people, companies, and governments worldwide, which can accelerate deindustrialization in developed countries as industries move to areas with lower labor costs.

Rust Belt: A region in the northeastern United States that experienced industrial decline starting in the late 20th century, characterized by abandoned factories and economic stagnation.

Service Economy: An economy or the sector of a nation's economy that is based on service industries and activities such as healthcare, education, retail, and information technology rather than on manufacturing or agriculture