The Steel Crisis: The Economics and Politics of a Declining Industry

By William Scheuerman | Go to book overview

VRA, the industry's futile attempts to attain legislative solutions to imports, and how these efforts contributed to the demise of legal rules and the continued decline of steel's economic well-being.


NOTES
1.
These numbers were taken from Economic Report of the President, 1978, p. 257 ( Washington, D.C.: U.S. Government Printing Office, 1978). For an elaboration see Alan Wolfe, America's Impasse: The Rise and Fall of the Politics of Growth, pp. 13-26 ( Boston, MA: South End Press, 1981).
2.
Wolfe, America's Impasse, p. 14.
3.
United States Congress, Senate, Committee on Finance, Steel Imports, staff study ( Washington, D.C.: U.S. Government Printing Office, 1967).
5.
See Federal Trade Commission, The United States Steel Industry and Its International Rivals: Trends and Factors Determining International Competitiveness, pp. 41-93 ( Washington, D.C.: U.S. Government Printing Office, 1977).
6.
See William T. Hogan, Economic History of the Iron and Steel Industry in the United States, vol. 3, pp. 1193-1295 ( Toronto & London: D.C. Heath, 1971); also, War Plants Disposal: Iron and Steel Plants, 2d progress report ( Washington, D.C.: U.S. Government Printing Office, 1945).
7.
Federal Trade Commission, The United States Steel Industry and Its International Rivals, p. 53.
8.
The data of this section are taken from Daniel R. Fusfield, "Joint Subsidiaries in the Iron and Steel Industry", American Economic Review ( May 1958): 578-87.
10.
Baron Paul A. and Paul M. Sweezy, Monopoly Capital ( New York & London: Modern Reader Paperbacks, 1966).
11.
For a discussion of U.S. Steel's initial attempt to control the market, see Gabriel Kolko, The Triumph of Conservatism, pp. 30-39 ( New York: Free Press, 1962).
12.
Quoted in Estes Kefauver, In a Few Hands: Monopoly Power in America, p. 119 ( Baltimore, MD: Penguin Books, 1965).
13.
Council on Economic Advisors, Report to the President on Steel Prices, pp. 8-9 ( Washington, D.C.: U.S. Government Printing Office, 1965).
14.
Ibid.
15.
Robert W. Crandall, The U.S. Steel Industry in Recurrent Crisis, p. 19 ( Washington, D.C.: The Brookings Institute, 1981).
16.
Council on Wage & Price Stability, Report to the President on Prices and Costs in the United States Steel Industry, p. 19 ( Washington, D.C.: U.S. Government Printing Office, 1977).
17.
Kefauver, In a Few Hands, pp. iii, 50.
18.
Hearings before the Committee on Finance, U.S. Senate, 89th Congress, 1st session, 1967, Proposals to Impose Import Quotas on Oil, Steel, Textiles, Meat, Dairy Products and Other Commodities, p. 853.

-61-

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The Steel Crisis: The Economics and Politics of a Declining Industry
Table of contents

Table of contents

  • Title Page iii
  • Preface v
  • Acknowledgments ix
  • Contents xi
  • List of Tables and Figures xiii
  • 1 - Steel on the Slide 1
  • 2 - Law and Social Power 22
  • Notes 39
  • 3 - The Golden Years: From Dominance to Decline 45
  • Notes 61
  • 4 - Protectionism and Disinvestment 64
  • Notes 94
  • 5 - Instrumental Politics and the Trade Act 98
  • Notes 125
  • 6 - Recovery, Relapse, and Retrenchment: The Trigger Price Mechanism 129
  • 7 - Restructuring: The Politics of Disinvestment 151
  • Notes 182
  • 8 - Economic Decline and Democratic Demise: Prospects for the Future 185
  • Notes 206
  • Index 209
  • About the Author 221
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