Topic: From Manufacturing to Services and Its Local Impact on the Economy - page 2. (Read 236 times)

My country still depends on mainly importation, so it is obvious that we have not even been able to achieve a manufacturing based economy. We are still very reliant on other countries.

If a country transitions to a service-based economy, it's manufacturing base economy still functions, more opportunities has been created in the economy so it means that it will create more employment for people with specialty in rendering these services.

China is still relying on goods based economies because they have a lot people, they adopt 996 working hour system which mean the employees need to work from 9 AM to 9 PM for 6 days. Even they've work for 72 hours, they didn't get paid well and if you think you can just search for other jobs. Well it's not that easy because if you didn't willing to work for 72 hours, there's always a person willing to do that.

So, the result is, they need to work long hour and get paid low.

While many countries just flow with the trend and have to adopt a new approach almost always when these power nations do so, a country like mine, has opted to revert to the old national anthem and also they now focus more on taxing every citizens and businesses while subsidies have been removed and the minimum wage has no value because the countries currency has been devalued twice in just one tenure of the sitting president assuming office.

Even though we once patronized our locally manufactured goods, nowadays it's hard to do so because of the quality of the product and the quality of service often has to be a result of good education and exposure to the right resources for learning as well as the right manufacturer to import products from.

If you really think that without manufacturing you could still do something, then you are quite wrong. And the "service" that these nations usually provide is not that easy, like UK providing banking to nearly all over the world isn't all that easy.

We need to remember that we are going to end up with something much bigger, plus China is not in the discussion with these, because they are literally production heaven and they are just switching from being a nation where others manufacture things, it became a nation that manufactures their own stuff and sell to the world. Every nation has something but you can't become a sustainable nation without manufacturing, it has to stay, small or big, it has to stay without a doubt.

China is still relatively reliant on the manufacturing sector, they grew over the last few decades as the "factory of the world" and are currently in the transition period over to a more service based economy. They have progressed rapidly and are prone to take over the living standards in certain areas, but their style of government is not conducive to long term stability - dictators are always going to dick around and mess up a good thing. Ultimately, until we get to the end game that all the things we want in consumerist societies is built by robotics, there is still going to be a need for manufacturing and the lowest cost producers will always win - so look at cost of living for an example of who will fill the role that China took for a while, maybe India is one that needs a bit more development.

Economist believes that most of the advanced economies are shifting to service-based. One of the reasons is that some smaller economies might have started manufacturing some of the products they have been exporting. So it will be more economically beneficial to provide the needed service for these products than to produce them.

I think the service sector is not too capital-intensive like the manufacturing industry. China's economy is moving to service-oriented while countries like Vietnam, Thailand,  Malaysia, etc, are growing in the manufacturing sector of the sub-region. China and the US had that kind of relationship where China was the manufacturer, and the US was the service provider. However, both countries no longer have such partnerships because China is now moving towards a services-driven economy.

The country where I live has an extractive economy. We are not manufacturing much because we rely more on imported products. We are just a country that produces raw materials for other industrialized nations of the world. There has been no shift to the service sector; in fact, we are praying that our country will become an industrialized nation. I predict that it will take us more than five decades of good economic and political leadership for us to become a manufacturing country.

This transition from making to doing is pervasive. Silicon Valley, China; the whole damn world. Like a tsunami, guy. Some surf the wave, but others are crushed. Are you satisfied? Is bad? Who you ask matters. It's stunning and terrifying. This is a huge innovation spur. The tech and finance sectors are booming. However, inequality, job losses, and middle class squeezing are the downsides

This goes beyond economics, man. It's about social fabric. What kind of future are we building? We must work this out or we will end up in a world where a few are rich and the rest are poor. This is profound shit, man

Countries with smaller land mass, thrive on service based economy. But there are countries who beta big on both service and manufacturing based economy. No country would want to choose only one if they have options. Because it provides employment to two different types of mass.

In a service based economy it is important for the mass to be educated. In manufacturing based economy, they need more labours whose educational background does not matter. So these are really serving to different classes of people.

Service based companies pay more where manufacturing based industries pay a little less. That's the only difference I would say! No country will be willingly transition from manufacturing to service based industries. They will keep both and grow on both portfolio.

I have seen countries transition from goods based economies to service based economies. Examples of these countries are China, United States, Germany and some others. These are countries that were once reliant on manufacturing and industrial production but now shifting towards services in education, healthcare, finance, and technology. Have you noticed this type of shift in your own country? If you live in a country that has transitioned to a service-based economy has it had any positive effect such as innovation, growth, income distribution, employment rates, more than the goods based economy or not?