[1] In the western world, it is usually used to refer to the phenomenon of urban areas shifting from a manufacturing to a service sector economic base.
[4] In addition, the declining manufacturing sector leaves behind strained blue-collared workers who endure chronic unemployment, economic insecurity, and stagnation due to the global economy's capital flight.
One other qualitative dimension involves the feminization of the job supply as more and more women enter the labor force usually in the service sector.
Contemporary urban environments restricts the opportunities for children to forge and negotiate peer culture or acquire necessary social skills.
[10] When the 1973 oil crisis affected the world capitalist economy, economic restructuring was used to remedy the situation by geographically redistributing production, consumption, and residences.
[6] These technological upheavals brought about changes in institutional arrangements with the prominence of large corporations, allied business and financial services, nonprofit and public sector enterprises.
Global cities such as New York and London become centers for international finance and headquarters for multinational corporations offering cross currency exchange services as well as buildup of foreign banking and trading.
In all these urban areas the corporate complex grows offering banking, insurance, advertising, legal council, and other service functions.
[11] Altogether, these institutional arrangements buttressed by improved technology reflect the interconnectedness and internationalization of firms and economic processes.
Global economic changes and technological improvements in communications and information systems encouraged competitive organizations to specialize in production easily and assemble temporary workers quickly for specific projects.
Cities such as Baltimore, Detroit, St. Louis and others face population losses which result in thousands of abandoned homes, unused buildings, and vacant lots, contributing to urban decay.
[20] High-order services, an expanding sector in the industrialized world, become spatially concentrated in a relative small number of large metropolitan areas, particularly in suburban office agglomerations.
In addition, economic restructuring demonstrates the increasing complex and human-capital intensive modern society in Western nations.