One of the ideas that seems to be missed from the study of history and economy, was the effect on the total destruction of the Japanese and German industrial base - during WWII. Britain and USA, were left with their archaic industrial systems. After WWII, the Japanese and the German steel industry had to be completely reborn. (At the cost of primarily USA financing.) Those two countries had no more relics of the past…
It is an interesting narrative but largely untrue. As the article points out, US Steel (and the US steel industry in general) was making enough profit, what they were not doing was re-investing those profits into upgrading their steel making. Instead, the "People in Charge" were giving themselves large bonuses and pay upgrades for being bosses of the "big steel." This was especially true through the 80's and 90's in…
Double-huh, almost every market I see is a cartel or monopoly.
Hm, the conservatives never talk about free markets anymore.
I'm sure it's a coincidence.