Re: Big Steel

[larson@xxxxxx]

> Globalization, despite disproportionate assignment of labor
> and environment abuseon the poor regions of the worl, has also
> accelerated the process of Creative Destruction in forcing production
> in
> advanced economies to seek technological advances to preserve their
> competitive edge.

Globalization has been around since man climbed down from the trees and began
migrating. It's not a new phenomenon by historical comparison (colonization of
North and South America, of Australia and inner Siberia were more globalization
than the internet) that makes it all the more incredible that people still talk
of it as the great big explanation of anything from the fact that production
plants turn obsolete to destruction of the environment. Can anyone point out
globalization to me, please?

> The steel industry in the US has shifted to specialty steel production
> in recent decades, leaving conventional production to foreign mills.
> This was accomplished with government subsidies of $17 billion over
> the
> course of the last 25 years. Even then, to stay in busienss, US Bid
> Steel has resorted to imports of low price foreign steel and
> metallurgical coke to feed its refining process to produce high priced
> steel for both domestic use and export.  The formula worked for
> several
> decades until dollar hegemony caused a global recession

Interesting chain of events. Care to elaborate?

--
Sven R Larson
PhD; Assistant professor of economics
Department of Social Sciences, Bldg. 22.2
Roskilde University
Pb 260
DK-4000 Roskilde
Telephone: (+45) 4674 2910