“ailing giants Declining industries in the 1920s and 30s—coal, textiles, shipbuilding, iron and steel—which had formed the basis of Britain’s 19-century supremacy. Weakened by outdated techniques and management, falling demand and foreign competition, they accounted for the bulk of long-term unemployment.”
Excerpted from: Cook, Chris. Dictionary of Historical Terms. New York: Gramercy, 1998.