Basic industry

Basic industry
See also

The Basic industry is one whose liquidation would result in serious threats to the country[1]. Competence and quality of products on foreign markets are defined by a continuous and stable increase in exports of local industry products to countries around the world [2]. According to the U.S Department of the Interior "The basic industry (also called primary or direct) is one that imports money from outside the area by producing goods and services for export" [3]. According too the E. R. Nichols "Basic industries is a term for which it is impossible to draw up a completely acceptable definition. Recent Congressional legislation aimed at basic industries usually speaks of industries whose shut-down would "threaten, or result in danger to the public health and safety"" [4].The basic industries are those that have developed on a large scale[5].

  • In United States[6]:
  1. iron production
  2. production of textiles and clothing
  3. vehicle production
  4. IC producer[7].
  5. steel industry[8].
  • In United Arab Emirates[9]:
  1. crude oil industry.

United States integrated circuit industry

The United States has been a leader in the integrated circuit industry for years until it began to lose its advantage over Japanese producers.The US integrated circuit industry has been considered the fastest-growing technologically for a quarter-century compared to all manufacturing sectors on the US market.The technological revolution was associated with improvements made in this sector. Falling prices and increasing product performance have created new channels for sharing innovative solutions in the production of electronic goods.the US IC industry has integrated with the growth and employment in the US economy [10].

The industrial sector in the United Arab Emirates

Crude oil production and exports were the first to start industry in the United Arab Emirates.The economic policy of the U.A.E is to create substitute sources of financing. In order to reduce oil dependence, the economic base has been adapted to the upcoming changes. The strategy adopted by the UAE was to develop industries and base them on available factors necessary for further development, such as very rich energy sources, huge capital, and mineral and raw materials used, among others, in construction.A huge number of processing and manufacturing industries was created thanks to massive investments focused on the development of industrial sectors. These sectors use hydrocarbons as raw materials, for example, oil refineries and fertilizer plants. A very branched system of the consumer industry was created to meet the demand of local consumers for food, fiberglass products as well as textile products [11].

References

Footnotes

  1. Nichols E. R. (1947)
  2. Business Law Handbook (2015)
  3. An Ecological Characterization of the Central and Northern California Coastal Region Basic concepts(1981)
  4. Nichols E. R. (1947)
  5. M. Feldstein (2008)
  6. M. Feldstein (2008)
  7. Shoven J. B. (2006)
  8. Garay R. G.(2011)
  9. Business Law Handbook (2015)
  10. Shoven J. B. (2006)
  11. Business Law Handbook (2015)

Author: Barbara Rojek