Sunset industries
Sunset industries: industries considered moribund because of technological advances in other sectors of the economy or changes in consumer preferences. Such industries are sometimes exemplified by unprofitable old- style steel mills whose closure would lead to widespread local unemployment. Some new steel mills could of course be classified as sunrise industries. Attaining the status of a sunset industry may be a matter of months, as happened among the slide-rule producers when the electronic pocket calculator made its appearance. In other cases, it may be a drawn-out process as industries produce insufficient returns to be able to modernize and unable to attract new investment, but earning enough to carry on through cost-saving measures and gradual staff reductions. This is often the time when governments are asked to alleviate an industry's discomfiture through protection in the form of local content requirements, import restrictions, measures designed to promote structural adjustment, subsidies, voluntary restraint arrangements, etc.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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