Steel And The State

The thesis of this book is that the principal cause of the prolonged structural crisis which affected the western world steel industry after 1974 was pervasive intervention by governments in the market, which has determined the basic patterns of world steel investment, production and trade.

The problems of the U.S. steel industry have been a source of public controversy for over twenty years. The industry has grown substantially smaller since the 1960s and hundreds of thousands of steelworkers have lost their jobs. Some steel firms and many steel mills have shut down entirely,profoundly affecting regional economies based on steel and its related industries. An industrial transformation of this magnitude has inevitably given rise to efforts to identify its underlying causes. This book is a contribution to that effort.

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