Final answer:
The modern U.S. economy has transitioned from an industry and manufacturing-based economy to a service-oriented and information-based postindustrial economy due to technological advancements, globalization, and changing social patterns.
Step-by-step explanation:
The modern U.S. economy has substantially shifted from its previous focus on industry and manufacturing to a postindustrial emphasis on the service sector and information economy. This transformation is characterized by a movement towards service industries, the pervasive use of technology, and the implications of globalization.
In the past, manufacturing played a central role in the U.S. economy; however, with the advent of the information age and the increase in globalization, there has been a significant transition. The employment statistics reflect this change, showing a substantial increase in jobs within the information sector and a decrease in traditional manufacturing roles. Technological advancements have facilitated this by automating many tasks and by outsourcing jobs to countries where labor is cheaper.
The changing economy has also altered consumer behavior and social patterns, with an emphasis on individualism and the value of information over physical goods. The cultural landscape transformed in a manner that reflects postmodernity, influenced by the changing nature of work, consumption, and social relationships. The economic downturn and its effects on industries, such as the automotive industry, showcase the vulnerabilities and changes within the U.S. economy.
The rise of the digital era and online industries has led to new forms of production and distribution, affecting everything from the music and film industries to the way we engage with and value information.