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Economic Perspectives, Vol. 18, 3rd, No. 5, September 1994
Demographic Changes, Consumption Patterns and the Midwest Economy
During the last twenty years a variety of factors including oil shocks, technological change and increased foreign competition have reshaped industries and prompted widespread reorganization. Within the auto, steel and other durable goods industries that form the core of Midwest manufacturing, many firms have downsized, relocated facilities, reduced wages and profits and suffered general economic malaise. As these industries have been transformed, the Midwest has undergone a substantial economic adjustment.
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