1. what are the 3 legs of the "3 legged stool" of industry? which did the south lack?

The “three-legged stool” is an old phrase that many financial planners once used to describe the three most common sources of retirement income: Social Security, employee pensions, and personal savings. It was expected that this trio would together provide a solid financial foundation for the senior years. None of the three was expected to support most retirees on its own.

Times have changed, though, and so has the three-legged stool.