Economy
The period following World War II was notable for the transformation of the city's economy. While jute still employed one-fifth of the working population, new industries were attracted and encouraged. NCR Corporation selected Dundee as the base of operations for the UK in late 1945, primarily because of the lack of damage the city had sustained in the war, good transport links and high productivity from long hours of sunshine. Production started in the year before the official opening of the plant on 11 June 1947. A fortnight after the 10th anniversary of the plant the 250,000th cash machine was produced. By the 1960s, NCR had become the principal employer of the city producing cash registers, and later ATMs, at several of its Dundee plants. The firm developed magnetic-strip readers for cash registers and produced early computers. Astral, a Dundee-based firm that manufactured and sold refrigerators and spin dryers was merged into Morphy Richards and rapidly expanded to employ over 1,000 people. The development in Dundee of a Michelin tyre-production facility helped to absorb the unemployment caused by the decline of the jute industry, particularly with the abolition of the jute control by the Board of Trade on 30 April 1969.
Employment in Dundee changed dramatically during the 1980s with the loss of nearly 10,000 manufacturing jobs due to closure of the shipyards, cessation of carpet manufacturing and the disappearance of the jute trade. To combat growing unemployment and declining economic conditions, Dundee was declared an Enterprise Zone in January 1984. In 1983, the first Sinclair ZX Spectrum home computers were produced in Dundee by Timex. In the same year the company broke production records, despite a sit-in by workers protesting against job cuts and plans to demolish one of the factory buildings to make way for a supermarket. Timex closed its Dundee plant in 1993 following an acrimonious six month industrial dispute.
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Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)