[GonzoGOP]

That's why I wondered how hard it got hit. I know it took a big hit in the 80’s, but all from anecdotal evidence. I've never seen any numbers. IOW did China shut us down, or did we just hold steady and they picked up the growth in the market.

[Pelham]

http://en.wikipedia.org/wiki/Multi_Fibre_Arrangement

“During early 2005, textile and clothing exports from China to the West grew by 100% or more in many items, leading the US and EU to cite China’s WTO accession agreement allowing them to restrict the rate of growth to 7.5% per year until 2008. In June, China agreed with the EU to limit the rate to 10% for 3 years. No such agreement was reached with the US, which imposed its own import growth quotas of 7.5% instead.”

[stripes1776]

That's why I wondered how hard it got hit. I know it took a big hit in the 80’s, but all from anecdotal evidence. I've never seen any numbers. IOW did China shut us down, or did we just hold steady and they picked up the growth in the market.

Foreign textiles were cheaper even with the trasportations costs. Well, I think you can make an argument that unions made wages artificially high, so that domestic textile plants could not compete with the foreign ones.

So what do you do? Let those cheaper textiles into your country or impose tariffs so that they are not cheaper? In the 18th century the conservatives said impose tariffs on cheaper foreign goods to protect your domestic manufacturers. The liberals said do away with tariffs and let the cheaper foreign goods in to compete with domestics markets.

Today in the 21st century the positions are reversed. The liberals say impose tariffs and conservatives say do away with tariffs and let the cheaper goods in.

Well, politics is always changing.