Over the next couple of years, politicians will have to perform a difficult policy U-turn; for, in the long term, they need flexible labour markets. That will mean abolishing job-subsidy programmes, taking away protected workers’ privileges and making it easier for businesses to restructure by laying people off. Countries such as Japan, with two-tier workforces in which an army of temporary workers with few protections toil alongside mollycoddled folk with many, will need to narrow that disparity by making the latter easier to fire.
The Economist is an English-language weekly news and international affairs publication owned by "The Economist Newspaper Ltd" and edited in London. It has been in continuous publication since James Wilson established it in September 1843. new version of the PDF-file added
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