By Terry F. Buss
Regardless of the gravity of the matter of mass unemployment and its periodic recurrence in business societies, few medical reports were undertaken which serve to outline the influence of plant closings on employees, households, and the group; to judge person workforce, or neighborhood responses to closings; and to provide feedback for the longer term. Shutdown at Youngstown meets this desire. It offers the findings of a multidisciplinary, medical research of the remaining of the metal generators in Youngstown in 1977 which placed 5,000 folks out of labor. learn said within the textual content relies on own interviews, social indicator facts, and knowledge from wellbeing and fitness and human provider corporations. The authors finish by way of constructing a public coverage for facing plant closings and the situation of mass unemployment.
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Extra info for Shutdown in Youngstown: Public Policy for Mass Unemployment
The Ecumenical Coalition, as the organization called itself, began its efforts by contracting with a Philadelphia engineering firm. It set out to determine the feasibility of acquiring and operating the closed portion of the Campbell Works (Beetle, 1977). This study was conducted jointly with the Western Reserve Economic Development Agency (WREDA). The study concluded that $120 million would be required merely to reopen the facility. Another $415 million would be necessary to modernize the plant to make it competitive and profitable.
Virtually none of the profits were used to modernize or maintain the Youngstown steel facilities (Greenman, 1979). Finally, some observers see the steel industry's capital problems as part of a larger syndrome of costly federal government regulation and federal government-induced disincentives to investment. Regardless of the cause, capital investment rates have declined, casting further doubt on the industry's future. Labor productivity. 2 percent over the last decade (Marcus and Kirsis, 1979).
Other questions concern the broader circle of community impacts. How extensive is the "ripple effect" of job and income losses to others in the community? How many supplier or supporting firms also lay off workers? How many small businesses close? What is the impact of diminished cash flows on expansion and development decisions by other commercial interests? How do financial institutions respond to diminished economic prospects? What is the impact of property tax and other revenue losses on local jurisdictions, and how do they manage these while addressing the new needs created by an underemployed work force?