> Bush Raises Steel Money Before Tariff Decision
> By Randall Mikkelsen
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Book Review http://www.historycooperative.org/journals/lhr/18.3/br_23.html
Judith Stein, Running Steel, Running America: Race, Economic Policy, and the Decline of Liberalism, Chapel Hill: University of North Carolina Press, 1998. Pp. xvi + 410. $59.95 cloth; $19.95 paper (ISBN 0-8078-2414-3; 0-8078-4727-5).
In this remarkably sophisticated work, Judith Stein uses the steel industry to chart the decline of liberalism from the 1950s to the present.
[snip]
During the Cold War, Stein asserts, American foreign economic policy sought socio-political, rather than economic, objectives. Heavy investment in European and Japanese economies nourished a new global steel market in which American producers lost their market share. While other countries reduced the costs of modernizing their steel industries through subsidies, the United States remained doggedly antitrust, thus increasing the cost of modernization and causing overexpansion.