Adaptation to Change in the U.S. Machine Tool Industry and the Effects of Government Policy
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This Note presents research into the adjustments made by the U.S. machine tool industry as it faced the challenges of a secular decline in domestic demand compounded by the effects of economic recession and acceleration of foreign competition. It presents a picture of the industry's response and adaptation to events, the path of output and the movement of capital and labor, and the influence of government policies on these adaptations. The author considered both government policies directly related to trade effects and to declining industries, and also more general policies that may have influenced the ability of U.S. machine tool firms to react to a variety of forces unlike anything the industry had witnessed in its long history.
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