Economic Theory: Catastrophic Collapse

catastrophic collapse: Its the reminder of an event not to be repeated, according to The Star. The catastrophic collapse of the Rana Plaza in Bangladesh, which killed 1,127 garment workers in April, renewed public attention on an economic theory that has transformed societies for three decades and CAMBRIDGE, ONT. The unusual mission statement for the fledging Canadian-Made Apparel company is written on a board overlooking sewing machines and computerized fabric cutters. Its nothing more than a date and time Feb. 21, 2013, 1 p.m. At precisely that moment, in this very same factory, the owners of John Forsyth Shirt Co. Ltd. told 110 employees that a century of shirt-making would come to an end. The company, established in 1903, was closing its factory the latest victim of a Canadian-made garment industry decimated by globalization and, in Forsyths case, government decisions. (www.immigrantscanada.com). As reported in the news.