"North Country Blues" tells the story of a mining company's decision to outsource its operations to countries where labor costs are cheaper than in the U.S.A. ("It's much cheaper down in the South American towns/Where the miners work almost for nothing".) The song marks the first time Dylan wrote a narrative from the point of view of a woman: the ex-wife of a miner whose work has disappeared. This song has been described by many critics as Dylan's portrait of his hometown, Hibbing, Minnesota.