Yep, it's definitely complicated from an economic standpoint.
There was a strong dollar making imports cheaper and exports more expensive. At the same time there were reductions in tariffs (Tokyo Round of GATT) as well as increased quota allowances from other countries, particularly China, than were previously allowed (the Multi-Fiber Arrangement).
At the time, this particular area of the country had turned into a global textile hub and it was devastated as a byproduct (over-saturation of a single industry). Now if you come to the area, you will see all of the old mills converted into apartment complexes, coworking spaces, wedding venues, etc just to preserve the architecture.
The whole area is beautiful now and has been one of the fastest growing parts of the country for almost a decade. I moved here 25 years ago when the changes were just starting but the natives will tell you the whole story. I think a PBS documentary was being made about it too.
There was a strong dollar making imports cheaper and exports more expensive. At the same time there were reductions in tariffs (Tokyo Round of GATT) as well as increased quota allowances from other countries, particularly China, than were previously allowed (the Multi-Fiber Arrangement).
At the time, this particular area of the country had turned into a global textile hub and it was devastated as a byproduct (over-saturation of a single industry). Now if you come to the area, you will see all of the old mills converted into apartment complexes, coworking spaces, wedding venues, etc just to preserve the architecture.
The whole area is beautiful now and has been one of the fastest growing parts of the country for almost a decade. I moved here 25 years ago when the changes were just starting but the natives will tell you the whole story. I think a PBS documentary was being made about it too.