General Motors' plan for an initial public offering, coming 15 months after the company filed for bankruptcy, marks a spectacular rebound, not only for GM but also for the U.S. auto industry, according to The Economist. Competitors in Detroit were worried that a GM collapse would take down a highly integrated network of auto-part suppliers, putting the entire industry at risk. GM, Chrysler and Ford Motor, which didn't seek bankruptcy protection or a government bailout, are making money in a sluggish economy, The Economist notes.

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