This eliminates the high cost of firing workers without reducing the payout to sacked employees.

ECONOMIST: The OECD softens its line on labour-market reform

It will not come down until the two countries loosen their labour markets' famously stiff joints by cutting minimum wages, making hiring and firing easier, reducing payroll taxes and so on.

ECONOMIST: Jobs

Restructuring is business: getting rid of marginal units, firing unproductive staff and reducing debt.

ECONOMIST: Letters