MANUFACTURING: Victims of Defense

Last week, as the May Federal Reserve production index hit a new all-time high (see chart), a young OPMite named Peter R. Nehemkis Jr.* predicted that one-third of U.S. industry might be soon shut down for lack of business. Because of defense priorities, he said, ten industries are already facing eclipse. Chief victims, moreover, would be little businessmen. "It is one of the profound ironies of our defense effort that its total effect may well be to obliterate smaller enterprises. . . ."

Nehemkis did not name his ten doomed industries. But...

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