“relegation zone” No national industry strategy Labor costs Neg. entrepreneurship GNP < 16 competitor nations Labor unions: conflict, strikes, high wages Labor unions Complex global changes Empire’s sun setting “Maggie’s back in town”; confidence End of colonialism Too conservative Industry revolution moved on to GE, US Laggard initiative, enterprise, and entrepreneurship Comparative advantage (-) Atomistic – many reasons Still has niche qualifications Slowed demand, slow growth Foreign competition Nepotism…
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