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

By William Scheuerman | Go to book overview

not compromise the ability of steel companies to manage their own affairs."72 In short, the new VRA promised to raise steel industry profits by restricting imported steel without requiring the domestic industry to modernize. Under these conditions capital remains free to seek its most profitable outlets and the nation's integrated producers may continue to pursue their disinvestment programs free of government interference. Perhaps a New York Times editorial most clearly put the program in perspective when the editors welcomed their readers "to the world of 'managed trade,' in which consumers lose at once and everyone loses eventually."73


NOTES
1.
Interagency Task Force, Report to the President: A Comprehensive Program for Steel, December 6, 1977, p. 34 (hereafter referred to as the Solomon Report).
2.
For a discussion see Robert W. Crandall, "Steel Imports: Dumping or Competition", Regulation 4 ( July-August 1980): 17-24.
3.
Raymond Ahearn, Steel Trigger Price Mechanism, Congressional Research Service, Issue Brief 81037 ( January 1982), p. 5.
5.
U.S. Congress, House, Committee on Public Works and Transportation, Economic Health of the Steel Industry and the Relationships of Steel to Other Sectors of the Economy, hearings before the Subcommittee on Economic Development, House of Representatives, 97th Congress, 1st session, 1981, p. 15 (hereafter referred to as Economic Health Hearings).
6.
General Accounting Office, Report to the Congress of the United States, Administration of the Steel Trigger Price Mechanism, by the Comptroller General of the United States, July 23, 1980, p. iii.
9.
General Accounting Office, Administration of the Steel Trigger Price Mechanism; New York Times, March 20, 21, 1980; April 11, 1980.
10.
New York Times, October 2, 1980. Earlier versions of this section appeared in William E. Scheuerman, "The Political Economy of Steel Imports: The Crisis in Law", Economic Forum 13, no. 3 (Winter 1982-83): 37-41.
11.
Ahearn, Steel Trigger Price Mechanism, p. ii.
13.
New York Times, June 12, 1982, p. 1, 45.
14.
Ahearn, Steel Trigger Price Mechanism, p. 8.
15.
Crandall, Steel Imports," p. 23.
16.
U.S. Congress, Economic Health Hearings, pp. 8-9.
18.
U.S. Congress, Economic Health Hearings, p. 8; U.S. Congress, Senate, Committee on the Judiciary, The Domestic Steel Industry and the Antitrust Laws, hearings, U.S. Senate, 98th Congress, 1st session, 1983, p. 9 (hereafter referred to as Steel and Antitrust Hearings).

-182-

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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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