Part 8/10:

Despite its past successes, Bethlehem Steel faced insurmountable challenges leading to its decline. While the plant had adapted to over a century's worth of technological advancements, several factors contributed to its downfall. Inflationary pressures, particularly after the U.S. abandoned the gold standard in 1971, made American goods less competitive in international markets. Additionally, the late 1970s saw rising inflation and a recession in the early 1980s, which reduced demand for manufactured goods and increased competition from countries with cheaper labor.