Part 4/10:
In the 1970s, American shipyards contributed 5 percent of the world’s commercial ships. By 2016, the number of US shipyards plummeted by more than 80 percent, leading to a market share of a mere 0.13 percent by 2023. The downturn can largely be attributed to post-Cold War defense budget cuts, which diminished the need for a vast fleet. Adjusted for inflation, more than $1.3 trillion in funding has been missed from the Navy's 1989 budget, which could have otherwise bolstered the shipbuilding sector's health.