September 12, 1995
California's economy is undergoing a transition in which smaller, more aggressive start-ups are replacing larger, less efficient corporations as linchpins of local wealth and job creation. Small businesses, usually employing 100 people or fewer, make up about half of Los Angeles County's current work force and are expected to play an increasingly important role in its economy. Economists project that the state will add about 42,000 small businesses to its economic base by the 21st Century.
September 12, 1995 |
One of the more perplexing aspects of California is its sense of impermanence, the fear inside the state that its economy will dry up and blow away. Then there is the smug belief--indeed, the green-eyed hope--in the rest of the country that prosperous California will go into long-term decline. The truth is very different. California's economy is not only big--it's the seventh- or eighth-largest in the world, with almost $900 billion a year in total output. It is a driving force of the whole U.S.