Word: smokestacks
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...turned 18 and go study economics and industrial R. and D. at the University of Pennsylvania. He returned in 1970--a Wharton graduate in a land of lunch buckets--and became a partner in his father's C.P.A. firm, servicing the high-tech companies that were slowly replacing the smokestack factories he had grown up with. After a few years of totting up the profits of other people's businesses, he decided he'd rather be doing some of that manufacturing...
Some migrations are forced at gunpoint. Others are set in motion by the global economy. Money is dynamite, and it can scatter people better than mortar fire. The world is well into the second Industrial Revolution, in which the developed nations have gone dotcom and service. Smokestack industry and light manufacturing have moved to the Third World, and farmers have been displaced by the transformation of family agriculture into corporate agribusiness. As workers everywhere have moved off somewhere else, looking for the headwaters of the global-money flows, oversize cities have exploded. Landless Philippine farmers pack into Manila, jobless Moroccans...
...east side is a plant that uses gypsum to make Sheetrock and that, thanks to Riverkeeper, has done a cleanup. Just beyond it rise Units 2 and 3 of the Indian Point Nuclear Power Plant. Two mosquelike domes flank a sky-high smokestack painted in red and white stripes. It looks like a lighthouse that has been converted into a festive nuclear missile. Beyond that, at Charles Point, lies a garbage-burning plant, which turns trash into energy...
This turnabout points up a broad trend in the market. Dare I say it? New-economy firms are out of favor. Since March 31, the smokestack-vintage Dow Jones industrial average has risen 1,000 points, while the tech-laden nasdaq has gone flatter than steel slab. In that period aluminum maker Alcoa rose a shiny 55% and joined heavy industrials such as 3M and Phelps-Dodge in posting heady gains. Tech wonders, including Cisco, Microsoft and Intel, floundered...
...Teledyne, Raytheon, Walter Kidde & Co. and US Industries. The movement would sputter to a halt in the '70s, its oxygen cut off by rising interest rates and a falling market. A surprisingly anticonglomerate Nixon Administration crimped the most aggressive expansions in the interest of protecting what Ling calls "the smokestack-industry crowd" of old-line executives. Ling was forced out of LTV in 1970 as part of an antitrust settlement. Bluhdorn died on a company jet in 1983. Geneen piloted ITT for nearly 20 years, acquiring more than 350 firms before retiring...