RUSS ROBERTS

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Is Bethlehem Steel the Canary in the Economic Mine Shaft?

Bethlehem Steel recently announced that it was declaring bankruptcy. Bethlehem Steel? What’s next, General Motors? That’s the impression I got from friends who were alarmed by the announcement. When a legendary company like Bethlehem Steel goes bankrupt, the whole economic system could be at risk.
Should we be alarmed that an American icon like Bethlehem Steel has declared bankruptcy?
After all, Bethlehem Steel was founded 97 years ago. Until 1997 it was part of the Dow Jones Industrial Average and had been there ever since the average was expanded to 30 stocks in 1928.


Read the full article at The Library of Economics and Liberty

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