The dominant narrative on globalization emphasizes the
importance of developing high-skill sectors with the greatest profit
potential. As developed countries have
watched their middle class erode with the loss of manufacturing, economic
development strategies have focused on expanding specialized service
sectors—the sectors that manage the global economy.
Saskia Sassen argues that this approach ignores the array of
jobs that accompany a high-skill, service economy. The result can be growing economic
inequality. So what is the solution for
rebuilding our middle class?
It seems that developing our innovation capacity—research
and development—might be the way to go.
The Brookings Institute proposes significant investment in R&D for
“advanced industries” such as advanced energy systems and photonics
technology.
Global cities aren’t waiting
around for national governments to step up and promote these industries of the
future. New York City has recently invested in this idea. Three new applied technology campuses have
received funding and support from the city and will be opening soon. These campuses will connect with cutting edge
fields of the future. However, Sassen
would probably question the quality of job that might emerge from these
sectors. Will these schools focus on tech transfer to multinational corporations or will
they focus on advanced manufacturing opportunities that will drive quality job growth? It remains to be seen…
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