Recession and Restructuring in the California Economy, 1990-1995

James Gerber

Idioma original

Resumen

Este trabajo comienza con describir los efectos que tuvo en el estado de California la contracción económica que empezó en 1990. Se examinan los impactos sobre ingresos, empleos y el mercado de bienes raíces, y estos cambios cíclicos de corto plazo se relacionan con las tendencias de largo plazo en manufactura, comercio internacional y desarrollo de manufacturas de alta tecnología. El concepto clave del artículo es que la contracción económica nacional que empezó en 1990 duró tres años más en California que en el resto del país, a causa de un proceso más profundo de restructuración en la economía estatal. Aunque dolorosa, esta restructuración puso al estado al frente de gran parte del resto del país en términos de poder responder a los retos que presentan los actuales cambios tecnológicos y internacionales. Sin embargo, aún le quedan al estado de California muchos retos que enfrentar. Éstos incluyen un alza en niveles de inequidad, una falta de estabilidad fiscal en las finanzas estatales, infraestructura y sistema educativos en deterioro y un ascenso en la intolerancia hacia nuevos inmigrantes.

 


ABSTRACT


This article begins by describing the effects on California of the recession which began in 1990. It examines the impacts on income, employment, and the housing market, and relates these short-run, cyclical changes to the long-run trends in manufacturing, international trade, and the development of high-technology manufacturing. The core idea of the paper is that the national recession which began in 1990 lasted three years longer in California than in the nation as a whole due to the greater restructuring of the state's economy. While painful, the restructuring put the state ahead of much of the rest of the nation in meeting the challenges of technological and international change. Several challenges remain for the state, however. These include the growth of inequality, fiscal instability in the state's finances, deteriorating infrastructure and a educational systems, and a rising level of intolerance towards new immigrants.

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