• tags :: capitalismdeindustrialization

• source :: Automation and the Future of Work

Per the argument given by Benanav in Automation and the Future of Work the overcapacity in the manufacturing sector of the first world after WWII (particularly in the US) eventually caused the phenomenon known as deindustrialization. The US manufactured more goods than it could consume and exported them, creating the post-war era in the US However, once other countries followed suit (beginning with Europe), the US could no longer compete with this global market, and the US manufacturing sector contracted, causing deindustrialization. Firms that could not keep up their productivity folded, and those that could became multinational.