Looking for sales leads in Louisiana? Economic perspectives explore the implications of increasing global economic integration, interconnectedness and interdependence.Often, economic perspectives ask how global processes shape economic inequality and opportunity within nations. Interested in other states? It asks for a lot of give and take. Lynn Kennedys article explores the key role Louisianas ports in the world system of agricultural trade and explains why increased investment in port infrastructure may be required to ensure that Louisiana and the United States can maintain a competitive advantage in agricultural exports moving forward. In practice, the United States and China effectively stop all trade of dual-use goods and their critical components between the two countries. The extraction and processing of petroleum and natural gas became the states largest industrial activity in the 20th century, with much of the petroleum being converted to chemicals. Mark Schafer is an associate professor in the Department of Agricultural Economics and Agribusiness. Today Shreveport produces automobiles, oil, and ___. Louisiana is home to the highest number of oil refineries per capita in the United States. The U.S. government's bailout of the auto industry during the Great Recession reflected a deep concern that a crisis in this single industry would quickly spread to its suppliers and other industries. Traditional and emerging industries are growing in Louisiana. 9. We do not claim to be comprehensive, but we hope to provide our readers with some insights to share and discuss with others. 1 One in three US farm acres exports to foreign markets. 617 North Third Street, Baton Rouge, LA Lafayette County is Louisiana largest in terms of industrial jobs, home to 22,661 workers. A highly productive and motivated workforce, low taxes, unrivaled infrastructure and logistics, a pro-business climate and the nation's best workforce recruitment and training program provide a competitive advantage. Environmental interdependence. What Does EPA Say About Water Contamination? Economic interdependence is a system by which many companies are economically dependent upon each other. Limiting activities to those a person, company, state, or nation performs best is ___. 6 Shifts in forms of interdependence between firmsinfluenced by the rise of global supply chains (GSCs) and Chinahave new implications for policy choices made by How Important Are Production Networks to the U.S. Economy? The minimum cash balance is zero, as well as the starting cash. Railroads became common after the 1830s, initially as feeders to the steamboat traffic; the Clinton and Port Hudson line was the first railroad in the state. And ironically, this reactive aggressive national behavior can happen even if the health of a national economy itself depends upon continued international economic interdependence. IBISWorld State Industry Reports help you quickly understand how an industry The next three months should bring in $100,000 in revenue, according to Brownstein, Inc. During this time, it will spend$60,000 every month on purchases. Because the U.S. is the second-biggest climate change contributor in the world, Louisiana accounts for about 0.4% of global emissionsmore than many developing nations. the home economy is isolated from foreign trade. Aggressiveness, while understandable and probably predictable, might therefore also be extremely dangerous and unproductive. The companys Westlake facility is a major Louisiana industrial employer with 1,500 employees and makes a wide range of chemicals such as non-ionic surfactants, alkylates, paraffin, ethylene and polyethylene. This is contributing to rising inflation and concerns about economic . How Many Jobs Has the Oil and Natural Gas Industry Created? In some cases, particular types of raw materials only exist in certain places, so shifting to more-secure sources isn't even possible. Commentary gives RAND researchers a platform to convey insights based on their professional expertise and often on their peer-reviewed research and analysis. The port of New Orleans ranks among the busiest in the country in volume of seaborne freight, while Baton Rouge, farther up the Mississippi River at the head of deep-channel navigation, is important for shipping of petroleum and chemical products, including aluminum and grain. That - in a nutshell is the UNCTAD definition of the "better recovery" from the pandemic called for by the United Nations as a whole. During the Great Recession, terms like too big to fail were used to describe the phenomenon of these large, interconnected firms, the authors noted. What are the Claims of Anti-Fracking Activists? Coal-fired plants provide another one-fourth of Louisianas energy. What is the policy of protecting domestic industries from foreign competition by placing tariffs and quotas on imports? The importance of the U.S. auto industry took center stage during the Great Recession, from 2007 to 2009, when policymakers had to decide whether to bail out the industry. Including offshore drilling in federal waters, Louisiana ranks high in the production of both crude petroleum and natural gas. That same year, the value of Louisianas agricultural production and processing industries represented 2.8 percent of total state GDP. Exxon Mobil Chemical Co. (Baton Rogue, LA). With its low business costs and abundant natural resources, the state of Louisiana is home to a number of powerful manufacturing companies, especially those in the petrochemical and oil industries. A primary reason why nations conduct international trade is because: The Baton Rouge operation of petroleum giant Exxon Mobil ranks fourth in the state for number of jobs, employing 1,300. Strong natural gas and oil development strengthens every other industry by producing the affordable, reliable and responsible American households demand. All states are environmentally interdependent to some extent due to their shared use of "global commons" such as the atmosphere and oceans. Present-day Louisiana is also known for oil, natural gas, and ___. This increased cross-border interaction promotes international relations and an efficient trading system among economies. A smaller but nonetheless significant portion of energy comes from the states nuclear power stations. increased interdependence generates political discord. All transactions are made in cash only. In contrast, industries that are least related to the auto industry didnt share the same degree of movement. Petroleum resources are found in the southern and northwestern parts of the state; the main oil fields have been developed between Shreveport and Monroe. Employing 1,100 in Westlake, this location is one of two CITGO petroleum refineries in the state. Did NAFTA Shift Car Making to Other Countries? This does not even account for the skilled labor, and points to the difficulty of readily shifting production. As the economy grows so does the demand for oil. After the transaction, what is Jenningss capital balance? 1 Cotton, sugarcane, rice, soybeans, corn (maize) and feed grains, and sweet potatoes are the main agricultural crops produced in the state. In fact, the state accounts for a fifth of the entire countrys oil refining capacity, processing more than three million barrels of oil each day. The LSU AgCenter and the LSU College of Agriculture, 101 Efferson Hall Fewer industries stand out as predominant buyers than those that stand out as predominant suppliers, the authors wrote. The chemical industry is powerful in Louisiana, with chemical processing ranking as the states top manufacturing sector, comprising 17% of its industrial workforce. The state is the second largest producer in the country of both sugarcane and sweet potatoes. 9 Five hundred million small farms worldwide are the source of food for 80% of the population of the developing world. This kind of disruption can create instability more generally, promoting conditions for conflict between and within nations. The Pardee RAND Graduate School (PardeeRAND.edu) is home to the only Ph.D. and M.Phil. A highly productive and motivated workforce, low taxes, unrivaled infrastructure and logistics, a pro-business climate and the nation's best workforce recruitment and training program provide a competitive advantage. Michael Deliberto, Huizhen Niu and Brian Hilbun focus on the global rice industry, arguably the most important food in the world today. a. internationalism . However, there is no guarantee that such competition will remain peaceful. Louisiana still produces pelts, sugar, and cotton. However, with interdependence comes risk, and in the case of supply chains, often risks that are not fully appreciated. This kind of disruption can go beyond matters of justice, equity, and general prosperity to threatening a nation's very ability to defend itself and look after its citizens. Reliance on third-party suppliers is diminished, business ownership structures are heavily scrutinized, and data localization and privacy regulations are strengthened. 1 US agricultural business exports about 23% of raw farm products. When examining the in-degree values among these 71 industries, the authors found that the apparel, leather and allied products industry has the highest in-degree value, at 0.75, followed by the motor vehicles, bodies and trailers, and parts industry, i.e., the auto industry. A recent article in the Regional Economist explored how industries are linked to each other through production networks. All these more social perspectives have been re-evaluated in light of ecological perspectives aimed at increasing understanding of human interactions with other species and the environment. 10. Louisianas geographical position on the Gulf of Mexico makes commercial fishing one of the top industries for the state. All these impacts are serious enough, but another more-hidden concern lurks just beneath the surface: the impact of supply chain failure on national security, broadly defined as a nation's ability to protect and ensure the well-being of its population. We are living in a failed paradigm millions are suffering and many scenarios, across the world, are on the verge of . Petroleum and natural gas extraction also grew rapidly. The state is the second largest producer in the country of both sugarcane and sweet potatoes. Economic growth and recession can affect the local economy, as well as supply and demand of a product. Louisiana is strategically located, making the state a prime environment for natural resource production and agriculture. Create. 14.5% of working-age adults in the state are employed by the healthcare industry, accounting for 293,000 people in total. Tobacco An example of an early export from the United States. This is followed byHouma with 9,283 jobs. Westlake Chemical Corp. (Lake Charles, LA). By now the impacts of supply chain disruption are becoming all too familiar: shortages, inflation, factory closures, goods waiting at ports to be unloaded. For example, Taiwan currently dominates the market for semiconductors, which in some respects gives it leverage with other actors, including the mainland People's Republic of China (PRC). As economic activity, travel patterns and consumption continue to grow during the post-pandemic recovery, the U.S. Energy Information Administration expects global oil and liquid fuels consumption to surpass 2019 levels in 2022. For our mutual survival, we must all trust that other states and their citizens will work towards the shared goals of climate change mitigation and biodiversity protection. performs at the state level compared with the national level by providing accurate 1 Ten Years Running. John Russin, former vice chancellor for the AgCenter and now director of the Global Network, describes the process of retooling the former Office of International Programs into this new program. A favorable income tax and strong infrastructure provide the resources companies need to thrive in Louisiana. How do you measure economic interdependence? $10,000 per month in wages and salaries, plus 5% ofsales. 25% of seafood consumed in the United States comes from Louisiana, which can produce up to two billion pounds of fish per year. The U.S. governments bailout of the auto industry during the Great Recession reflected a deep concern that a crisis in this single industry would quickly spread to its suppliers and other industries. The impact on vulnerable populations may be particularly dire. creating new global interdependencies that will influence emergency management in the U.S. and worldwide. The figure below looks at the growth rates of three factorsgross economic output, value added and employmentin the auto industry and compares them with the growth rates of 10 industries that were most related to the auto industry and those rates of 10 industries that were least related to the auto industry. By now the impacts of supply chain disruption are becoming all too familiar: shortages, inflation, factory closures, goods waiting at ports to be unloaded. Subjects. Does Hydraulic Fracturing Cause Earthquakes? Farm Real Estate Value (per acre) Key terms and countries to gain understanding of Global Interdependence. The GDP of Louisiana is $255 billion as of 2018, the 24th largest of all 50 states. Louisiana is among the top timber producers in the country. Information related to Louisianas food, fiber, and forest industries can be found by visiting the following website(s): The following are current and historical studies, fact sheets, and articles related to Louisianas food, fiber, and forest industries. Baton Rouge, LA 70803 entertainment United States exports today include ___, corn, wheat, financial services, and aircraft. Addressing these challenges may first require a clear understanding of the nature and root causes of the disruptions, as well as a set of organizational constructs that would allow a wider set of public and private sector actors to craft an effective approach. Whole economies feel the impact, not isolated actors. For many, the dimensions of globalization are economic, political and cultural. This blog offers commentary, analysis and data from our economists and experts. The state is a national leader in the production of salt and is also a major source of sulfur, sand, gravel, and clay. How is Groundwater Protected During Hydraulic Fracturing? The authors then measured an industrys degree of integration with the rest of the economy by examining two measures. 60 terms. A recent article in the Regional Economist explored how industries are linked to each other through production networks. $160,000 Agriculture is much less important to Louisianas economy than it was earlier in the states history. Subscribe to the weekly Policy Currents newsletter to receive updates on the issues that matter most. With its low business costs and abundant natural resources, the state of Louisiana is home to a number of powerful manufacturing companies, especially those in the petrochemical and oil industries. productivity. Healthcare is Louisianas biggest employer. Economist Sungki Hong, Senior Research Associate Hannah G. Shell and Research Associate Qiuhan Sun analyzed input-output tables and other data to measure the independence and interdependence of U.S. industries in the production of their goods and services. It is part of a larger waterway extending from the Caloosahatchee River in Florida to Brownsville, Texas. 60% of agricultural revenue comes from crops; other products include rice, soybeans, cotton, corn, and tomatoes. Expertise in water management combined with geography make Louisiana a thriving market for exploration. All of the financial interactions that . Such conflict has occurred even during times of significant interdependence between nations, such as in the European system prior to World War I. Economic interdependence can be measured by the amount of trade . Louisianas annual gross domestic product is $257 billion. Supply chain disruptions cause general economic disruption and key commodity shortages, which then in turn can, in fact, drive aggressive national behavior and international instability. An example of an early export from the United States. Louisiana has the highest number of oil refineries per capita in the United States and is the third biggest producer of petroleum. The RAND Corporation is a research organization that develops solutions to public policy challenges to help make communities throughout the world safer and more secure, healthier and more prosperous. Consistent with the LSU AgCenters mission to provide research-based educational information that serves the people of Louisiana and improves their lives and well-being, the articles in this issue provide a deeper understanding of how global processes influence our lives and well-being in multiple ways. The food processing industry accounts for 10% of Louisianas manufacturing workforce, while transportation equipment makes up 8%. b. Louisianas economy was based mainly on agriculture in the 1700s and 1800s, with cotton as the primary crop in the northern part of the state and sugarcane the principal crop in the south. Whether it be oil and gas supplies, various harvests and crops from different countries and regions, through to all kinds of cultural products that span different countries and cultures, the more globally dependent we become, the more we develop a need to realize our global dependence positively. Read more:Top Manufacturing Cities in the U.S. Shreveport (7,671 jobs) New Orleans (7,349 jobs) Lafayette (7,334 jobs). Economic interdependence creates a global market where goods, products, and jobs can flow freely across borders. The patterns of global food distribution can be affected by local political systems, infrastructure, and world trade. Subscribers can select up to 40 data points on any manufacturing company in the U.S. to help identify or pre-qualify leads. Interdependence is when two groups become mutually reliant on each other. The states vast system of navigable waterways include the Intracoastal Waterway. Later in the 20th century, expansion of service opportunitiesespecially in tourism, retail, and governmenthelped position the service sector as the states top employer. Please exercise caution when viewing and comparing reports as each may vary significantly in terms of source data and analysis and reporting methodology. /content/admin/rand-header/jcr:content/par/header/reports, /content/admin/rand-header/jcr:content/par/header/blogPosts, /content/admin/rand-header/jcr:content/par/header/multimedia, /content/admin/rand-header/jcr:content/par/header/caseStudies. Global interdependence is largely the result of international trade, i.e., the importing and exporting of products and services. As a result, Taiwan gains considerable leverage over the PRC and indeed the world. Illustration by Ana Iverson. This is followed by industrial machinery with 14%, and fabricated metals with 11%. However, that action against another nation certainly could have the unintended effect of causing supply chains to fail in a more general manner. The vast majority of the state's trees are softwoods (pines), harvested primarily for making wood pulp and plywood. However, this very dominance, plus its proximity to the PRC and its dependence on the PRC for other commodities, may in fact raise the incentive for the PRC to take aggressive military action to ensure access to a key commodity. This study reinforces that Louisianas economic outlook is brighter when we are leading the world in energy production, and it serves as a reminder of whats at stake if policymakers restrict access to affordable, reliable energy and make us more dependent on foreign sources.. Candidate, Pardee RAND Graduate School, An eighteen-wheeler entering one of the main shipping container corridors at the Port of Houston in Houston, Texas, October 12th, 2021, Photo by Reginald Mathalone/NurPhoto/Reuters. For centuries, the nature and strength of the links between interdependence and conict have been the subject of heated dis-agreement. He explains the LSU AgCenters critical role in promoting new ways of thinking and new practices to achieve sustainable systems and profitable enterprises. These growing political, economic, technological, and social interdependencies are evident in the following changes: Rapid global economic growth Industrial development of non-OECD nations Interlinked global supply chains Interdependence does create incentives to cooperate to avoid disruption, but may offer few alternatives for some desperate nations if some part of the interdependent chain is broken. In addition to the risks generated by competition in the international system, there are also external shockssuch as natural disasterswhich could rapidly make the systemic challenges unendurable, which might then become a national security issue in the most extreme sense. d.$171,200. These programs foster scholarly collaboration and cultural understanding between AgCenter personnel, visiting international scholars, officials and private sector partners from numerous countries around the world. They discuss implications of global trends for Louisiana. 225-578-4161 Select a country below for more information about how Louisiana can support your business. a. global interdependence b. global trade c. protectionism . Use this collection to: Discover key local industry trends Identify threats and opportunities at the subnational level Offshore drilling for natural gas also declined but rebounded quickly. For that reason, land-grant universities and agricultural research stations continue to have strong international and global programs that both understand and adapt to changing global systems and structures with powerful influences on society. 1,250 of the companys employees work in at the Lake Charles facility, which produces a wide range of industrial chemicals. World War II hastened the industrial growth of Louisiana to the extent that the numbers of the labour force engaged in manufacturing increased considerably. At the national level in 2019, the natural gas and oil industry: Click here for more information on the economic impact analysis. Sourceshttps://en.wikipedia.org/wiki/Dow_Chemical_Companyhttps://corporate.dow.com/content/dam/corp/documents/location/066-00150-01-dow-in-louisiana-fact-sheet.pdfhttps://www.sasol.com/about-sasol/company-profile/overviewhttps://www.oceaneering.com/https://corporate.exxonmobil.com/Locations/United-States/Baton-Rouge-area-operations-overview#Aboutushttps://corporate.exxonmobil.com/Locations/United-States/Baton-Rouge-area-operations-overviewhttps://en.wikipedia.org/wiki/Westlake_Chemicalhttps://www.basf.com/us/en/who-we-are/organization/locations/find-out-about-basf-in---/Louisiana.htmlhttps://franksinternational.com/, Posted by IndustrySelect on Friday, April 15, 2022, Reach U.S. manufacturers, suppliers, and industrial service providers with, IndustrySelect is the Industrial Database, Sales Marketing Recruiting Research, 1% of Louisiana manufacturers are women-owned. The Regional Economist explored how industries are linked to each other through production.... 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