Deindustrialization

Many associate American deindustrialization with the mass closing of automaker plants in the now so-called Rust Belt between 1980 and 1990.

[1][2] The US Federal Reserve raised interest and exchange rates beginning in 1979, and continuing until 1984, which automatically caused import prices to fall.

In addition, technological inventions that required less manual labor, such as industrial robots, eliminated many manufacturing jobs.

With breakthroughs in transportation, communication and information technology, a globalized economy that encouraged foreign direct investment, capital mobility and labor migration, and new economic theory's emphasis on specialized factor endowments, manufacturing moved to lower-cost sites and in its place service sector and financial agglomerations concentrated in urban areas.

[9][10] Rowthorn[11] argues that Marx's theory of declining (industrial) profit may be regarded as one of the earliest explanations of deindustrialization.

Bethlehem Steel in Bethlehem, Pennsylvania , one of the world's leading steel manufacturers for most of the 20th century, discontinued most of its operations in 1982, declared bankruptcy in 2001, and was dissolved in 2003.
The former Packard Automotive Plant in Detroit , a recognizable symbol of the decline of the city's once vibrant automotive industry