also good news on the labor market front: employees losing their jobs at the switching companies are not worse off than employees at firms in comparable manufacturing companies in the medium- to long-term, five years after losing their jobs their labour market
status is actually better than workers at ex-ante comparable firms that remain in manufacturing. In summary, deindustrialization is not a story of disappearing industries or failing firms, but rather of the changing nature of firms, transitioning from focus
on production towards services. These findings also suggest that attempts to revive manufacturing might be mis-targeted and might ultimately undermine the global supply chain and innovation in these countries.