Shifting Economic Base refers to the change in a region's primary source of economic activity, typically from one industry or sector to another. This change is often driven by factors such as technological advancements, changes in consumer demand, or shifts in global trade patterns.
Related terms
Deindustrialization: Deindustrialization refers to the decline or reduction in industrial activity within a region or country. It often occurs when industries move their production facilities overseas or when technological advancements lead to automation and job losses.
Service Sector: The service sector includes industries that primarily focus on providing intangible goods or services rather than manufacturing physical products. Examples include healthcare, education, finance, and hospitality.
Rust Belt: Rust Belt refers to an area in the United States characterized by deindustrialization and economic decline. It was named so due to the many abandoned factories and deteriorating infrastructure found in cities like Detroit, Cleveland, and Pittsburgh.