Thursday, July 21, 2016

A Snapshot of Economics in the “Industry of Industries”

Based in New York, Aleksandr (“Alex”) Korchmar owns Alkor Capital Corporation in Brooklyn. An alumnus of Odessa National Economics University in the Ukraine with a master’s degree, Alex Korchmar is interested in business news and the global economy, especially the economic impact of the automotive industry.

Responsible for creating over 60 million cars annually and consuming half of the world’s oil supply, the auto industry strongly influences the world economy. In an industry that is over 100 years old, the idea of mass-producing cars migrated to the United States from Europe in the 20th century, thus prompting the industry’s “industry of industries” moniker.

Representing freedom and a symbol of economic growth, the auto industry has provided opportunities and access to a quality of life that were previously impossible. To generate its total annual output, it employs 9 million people, or about 5 percent of all manufacturing jobs across the globe.

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