Change was painful. Looking back, the change was good for New England. Wages are now among the highest in the country and unemployment is low. A similar situation is happening in the South today. The automobile and other high-paying industries, many foreign investments, are moving in.
Unemployment is low.
The textile industry in the South is being forced, once again, to become more competitive. The less efficient companies are going out of business with an impact upon local economies. We will probably look back on this as part of a positive long-range change, the same as it was for New England. Contrast this with the situation in Europe with its high unemployment and low growth. Legislation intended to provide worker security has caused companies to respond very cautiously to change.