Economy
| Great Lakes region State or Province |
2008 GDP millions of USD |
% |
|---|---|---|
| New York | 70061144481000000001,144,481 | 25.2 |
| Illinois | 7005633697000000000633,697 | 14.0 |
| Ontario | 7005584460000000000584,460 | 12.9 |
| Pennsylvania | 7005553301000000000553,301 | 12.2 |
| Ohio | 7005471508000000000471,508 | 10.4 |
| Michigan | 7005382544000000000382,544 | 8.4 |
| Minnesota | 7005262847000000000262,847 | 5.8 |
| Indiana | 7005254861000000000254,861 | 5.6 |
| Wisconsin | 7005240429000000000240,429 | 5.3 |
| TOTAL | 70064528128000000004,528,128 | 100.00 |
Navigable terrain, waterways, and ports spurred an unprecedented construction of transportation infrastructure throughout the region. The region is a global leader in advanced manufacturing and research and development, with significant innovations in both production processes and business organization. John D. Rockefeller's Standard Oil set precedents for centralized pricing, uniform distribution, and controlled product standards through Standard Oil, which started as a consolidated refinery in Cleveland. Cyrus McCormick's Reaper and other manufacturers of agricultural machinery consolidated into International Harvester in Chicago. Andrew Carnegie's steel production integrated large-scale open-hearth and Bessemer processes into the world's most efficient and profitable mills. The largest, most comprehensive monopoly in the world, United States Steel, consolidated steel production throughout the region. Many of the world's largest employers began in the Great Lakes region.
Mass marketing in the modern sense was born in the region. Two competing Chicago retailers—Montgomery Ward and Sears Roebuck—developed mass marketing and sales through catalogues, mail-order distribution, and the establishment of their brand names as purveyors of consumer goods. The region's natural features, cultural institutions, and resorts make it a popular destination for tourism.
Advantages of accessible waterways, highly developed transportation infrastructure, finance, and a prosperous market base make the region the global leader in automobile production and a global business location. Henry Ford's movable assembly line and integrated production set the model and standard for major car manufactures. The Detroit area emerged as the world's automotive center, with facilities throughout the region. Akron, Ohio became the global leader in rubber production, driven by the demand for tires. Over 200 million tons of cargo are shipped annually through the Great Lakes.
According to the Brookings Institution, if it stood alone as a country, the Great Lakes economy would be one of the largest economic units on earth (with a $4.5-trillion gross regional product). It contains most of an area urban planners have viewed as an emerging Great Lakes Megalopolis which has an estimated 54 million people. Furthermore, Greater Montreal, a major metropolitan area in the Canadian province of Quebec, links to the region along the St. Lawrence Seaway.
Read more about this topic: Great Lakes Region (North America)
Famous quotes containing the word economy:
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)