[Via... http://www.egroups.com/group/Communist-Internet ] . . ----- Original Message ----- From: Downwithcapitalism <[EMAIL PROTECTED]> To: <[EMAIL PROTECTED]> Sent: Sunday, June 10, 2001 12:06 AM Subject: [downwithcapitalism] 'Ballad of American steel' Times of India. 10 June 2001. [T]he ballad of American steel. Excerpts. Since the general impression these days is that much of the world is putty in American hands, especially when it comes to military and economic matters, a curious development occurred in the world of American steel last week that puts this premise in some doubt. In an extraordinary move, President George W Bush announced broad restrictions on steel imports into the US. If you have managed to extricate your tongue from your larynx, try this again. A fervent votary of free trade in a country pledged to free market in an era sworn to free flow of goods, actually erected a trade barrier to protect what was once the world's dominating steel industry from piddling foreign imports. The American steel story is so sad and stained that once proud workers have now composed "The Ballad of American Steel" to capture the economic misery and social trauma of its downturn. A celebrated sector that epitomised America's industrial might and threw up such business icons as Andrew Carnegie and J P Morgan is now in terminal decline. The ostensible reason -- the American version -- is the flood of cheap imports from countries such as South Korea, Ukraine, Kazakhstan, China, Brazil and India (yes, India! we manage to get in some 500,000 tonnes, too). Of course, the exporting countries argue that it is a result of poor management and extravagant practices by American steel mills, not to speak of their own excellence. In either or both cases, the end result is the American steel industry has been sounding the death rattle for some time now. A sector that employed 800,000 people till the 1980 is now down to 150,000. A score of American steel mills, including the giant LTV, have closed shop or filed for bankruptcy in the last four years. American steel imports are now up to 25 percent of its consumption (and it is a big consumer given the size of its military and its automobile industry). The American steel industry is putty in the hands of Koreans, Chinese, and Indians. Meanwhile, the ballad turned into a dirge that Bill Clinton had no ear for. Nor for that matter had George Bush. After all, here was a president from a party with an even greater free trade fetish. Among his more evangelical quotes: "When we negotiate for open markets, we are providing new hope for the world's poor. And when we promote open trade, we are promoting political freedom." How fatuous it sounds now that he is beginning to erect the steel barrier. But such is the stuff of politics. In this case, the pressure on Bush came as much from 300,000 retired steel mill workers as the 150,000 active workers, all of who stand to lose their health care and other benefits if the imports make any more inroads. Besides, the American steel industry, would you guess, is concentrated mostly in Pennsylvania, West Virginia, Ohio, Illinois, and of course, Florida. All electorally borderline states. And just in case you forgot, Bush gained the presidency by winning the electoral college votes but lost the popular vote by less than 300,000 votes. Perhaps it would be fair to now call Bush a steely president? So, all the netas and babus back in India nervous about the prospect of Uncle Sam wagging his finger at the protectionist barriers they erect to protect the poor Indian farmer from American food imports, take heart. The American steel saga is instructive of how even the greatest free trade proponents are not free from the pressure of populism. * * * * Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
