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Preferred term

economic restructuring  

Definition

  • Economic restructuring refers to any major reconfiguring of the primary way in which goods, services, capital, and jobs get produced, distributed, or consumed. Over the past 70 years, the U.S. economy changed from one dominated by manufacturing and farming to one dominated by industries that provide services rather than producing goods. [Source: Encyclopedia of Social Problems; Economic Restructuring]

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https://concepts.sagepub.com/social-science/concept/economic_restructuring

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