In 1950, when GM signed a contract with the UAW, the Big Three's share of America's domestic auto market was about 95 percent. The economies of Japan and Germany were still ravaged by World War II and were not a threat. The Big Three and their workers' union were certain their oligopoly was secure.
But now, GM is a huge healthcare and pension liability, with a small and struggling car business attached. GM simply cannot compete with that albatross of obligations...
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