New York City Garment production

Yes, as I've mentioned a few times in class, there still is a significant garment industry in New York City even though this is a highly labor-intensive industry. The New York Times recently posted an interesting short video on the subject:



More on the Triangle Shirtwaist factory fire.

Comments

Post a Comment

Popular posts from this blog

Help the World’s Poor: Buy Some New Clothes

Help the World’s Poor: Buy Some New Clothes : "Back to school shopping leads many people to buy apparel that was made in sweatshops. Rather than feel guilty for “exploiting” poor workers, shoppers should rejoice. Their spending is some of the best aid we can give to people in poorer countries." So says Benjamin Powell on the always provocative AidWatch blog. Liberal New York Times columnist and Economics Nobel Prize international economist Paul Krugman wrote an earlier and now often cited statement along similar lines titled " In Praise of Cheap Labor: Bad jobs at bad wages are better than no jobs at all ." Do you agree with these arguments?
Read more

Why the dollar is losing value

The BBC has an article with some views on why it is happening, and what to expect. Some excerpts: Behind the problems of the dollar lies the huge and growing US trade deficit, and the large Federal budget deficit... That [trade] deficit is now heading above $800bn for 2006, or 7% of the US economy, and shows no signs of diminishing... Together, the East Asian countries have accumulated foreign currency surpluses of nearly $1 trillion, much of it held in US Treasury bonds denominated in dollars. Thus they are funding both the budget gap and the trade gap. ... The classic economic view of how to correct such changes is to adjust the exchange rate in order to make US goods cheaper and Asian goods more expensive. The article also has a few things to say on the impact abroad: ... foreign companies who have derived an increasing proportion of their sales and profits from the US market could also be hit by falling demand for their exports. The sharp falls in non-US stock markets, ...
Read more