William Greider's prediction in 1997:
The book contains a core argument about industry and labor, which I believe to be true. Greider contends that in many key industries--including autos, textiles, steel, ships, aircraft, chemicals, computers, and drugs--the world's companies are capable of producing far more than the world's consumers can buy. Such overcapacity in autos, for instance, runs as high as 25 percent, and will probably rise as each country tries to develop its own automaking industry. And the overcapacity problem is getting worse, for a couple of reasons. Advances in technology allow industries to produce more goods with fewer people (in effect, creating more supply but less demand). Meanwhile, Japan, China, and other Asian nations have adopted mercantilist trade strategies: that is, they have sought, through barriers or government subsidies, to guarantee surpluses. By definition, such a strategy expands the supply of goods without proportionately boosting demand.
In 2009 the story is of the mounds of cars that sit unsold on the world's docks.