Many once profitable and famous Swiss watch houses became insolvent and/or disappeared. This completely upset the Swiss industry both economically and psychologically. In the 1970’s and early 1980’s, technological upheavals of the appearance of the quartz technology and a difficult economic situation resulted in the reduction in the size of the Swiss Industry. Employment fell from 90,000 to 28,000 from 1970 to 1988. By the 1960’s American companies had gone out of business and were bought out by foreign interests. This crisis is referred to as the Quartz revolution. Due to microelectronics research for military and space programs, the United States took a technological lead in the making of the first quartz watch.
With the exception of Timex, remaining traditional American watch companies went out of business and sold their brand name to foreign competitors. The Swiss still pride themselves in demanding the highest of quality standards, dexterity, and demanding ingenuity. The watchmakers, with their good business sense and patience have held true to their standards. The Swiss industry has been one of constant innovation and challenges still continue in how to balance complexity of function with the smallness of size of the timepieces.Time certainly doesn stand still for any of us, especially for the Swiss watch makers in making high quality timepieces for all of us to enjoy wearing.
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