Posted February 5, 2009 | 06:57 PM (EST)
Once the ultimate globalization success story, the island of Saipan now faces one of the fastest economic collapses in history. After suffering a harsh history of military struggles, as well as a temporary economic boom after becoming a U.S. commonwealth, the island now stands devastated.
Saipan's economy exploded as U.S. garment manufacturers such as the Gap, Wal-Mart, Calvin Klein and Ralph Lauren took advantage of cheap labor and absence of shipping quotas. In 2005, the World Trade Organization lifted these international shipping quotas, leaving Saipan with scores of empty factories, rotting shopping centers and former factory workers turning to the sex industry for survival.
Adam Yamaguchi visits Saipan to document the rise and sudden collapse of a tiny piece of America.
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