Final answer:
The banking and finance industry has both positive and negative impacts on the economy of North Carolina. Bank closures and outsourcing have adversely affected job opportunities, while industry growth and increased employment opportunities have contributed to economic development. Wages for banking and finance employees have doubled since the 1990s, but globalization has made it challenging for North Carolina banks to compete with foreign institutions.
Step-by-step explanation:
The banking and finance industry has had a significant impact on the economy of North Carolina in various ways:
- Bank closures have left many without options for securing loans. When banks close down, people in need of loans may struggle to find alternative sources of financing, which can hinder economic growth.
- Outsourcing has led to many North Carolinians being laid off or losing their jobs. The globalization of the banking and finance industry has made it easier for companies to outsource work, resulting in job losses for North Carolinians.
- Industry growth has led to the opening of more banking offices. The expansion of the banking and finance sector has created employment opportunities and increased the accessibility of banking services in North Carolina.
- Employment opportunities in banking and finance have increased. With the growth of the industry, more job opportunities have become available in North Carolina, providing employment and contributing to economic development.
- Since the 1990s, wages for banking and finance employees have doubled. The banking and finance industry has witnessed significant wage growth over the years, benefitting the workers and potentially stimulating economic activity.
- Globalization has made it more difficult for North Carolina banks to compete with foreign institutions. The integration of the global financial market has increased competition for North Carolina banks as they have to compete with foreign institutions, which can impact their market share and profitability.