The Industrial Revolution changed the way we work The introd

The Industrial Revolution changed the way we work. The introduction of new technologies and new approaches to production drove the expansion of an urban working class that was wage-dependent. To what degree do we still see the \"smokestack economy\" around us? How are new technologies changing the way we work?

Solution

Smokestack Industry : These are the industries that manufactures heavy equipments and automobiles.These factories have long and thick chimneys emitting wild smokes into the atmosphere layers.These industries are usually refered as teh old economy business with very limited long term growth.

Examples of Smokestack Industries : Ship manufacturing,Steel plants, Chemical and Auto Mobiles industries.

During economic expansion periods of time, smokestack industries performed very well and giving out huge profits and healthy levels of cash flows.

The ancient and traditional methodologies developments that help to develop the scenerio of smokestack economies.Smokestack-Chasing : This approach is made to the economic developements is to get the promotion and location of the local potential employer.

High income areas helped to serve the purpose as \"seedbeds \". The latest technology developments of new innovations to help the companies work in emitting low smokes and high producvitvity levels. Thanks to the intense race and healthy competition in introducing new technologies and race for attaining global innovation advantages round the globe.This helps to provide a clear distinguishment to the present economy from a generation ago .

In contrast to the old methods of approaches known as the smokestack chasing, the technology has now made the states compete by the latest method of approach known as Innovation-Chasing. This is helping the companies to attract more number of highest value added economic acitvities such as :