Economy
Shipbuilding and repairing, coal mining and exports, and the chemical industries declined from the latter half of the 20th Century, resulting in mass unemployment. In more recent years, however, this trend has reversed and South Tyneside attracts new industries, most notably in the service sector. There is still a considerable manufacturing base of ship-repair and offshore services, engineering, electronics, clothing, furniture, paper products, timber and small precision engineering.
At one time, Tyneside built 25% of the world's ships. South Tyneside College specialises in maritime training and attracts students from around the world.
Tourism is also an important and growing industry.
Read more about this topic: South Tyneside
Famous quotes containing the word economy:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“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)