The two worlds of deindustrialisation

Once upon a time, lots of Americans spent their lives making things. Manufacturing’s golden years were the late 1970s, when employment in the sector hit nearly 20m (see chart). From then until the millennium, though, the number of jobs dropped by around 2m. Foreign competition took its toll. Then the recession came, which for many firms turned out to be a killer blow. Since then, things have only been a little better.

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