The result has been industrial restructuring on a scale that would have impressed even Margaret Thatcher.

ECONOMIST: France

Still, the study does raise the question of why recessions might hinder rather than help industrial restructuring.

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In France, too, the painful industrial restructuring of the past 15 years has started to bear fruit.

ECONOMIST: Jobs

South Korea President Kim Dae Jung is taking care with industrial restructuring rather than confronting powerful unions opposed to mass layoffs.

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The failure, caused by political hostility and weak nerves, has been a big blow to the cause of industrial restructuring in Germany, and to the idea that shareholders, rather than politicians, trade unionists and managers, should have the final say in a company's future.

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Immense though they are, from short-term issues of deflation and yuan devaluation to long-term ones of industrial and financial restructuring, these are in fact the main reasons why political reform looks necessary.

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The pick-up in industrial production is combining with business restructuring to increase profits.

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More significantly, since 2009 around 600 state industrial firms with around 900, 000 employees have been transferred to a restructuring agency, Russian Technologies (RT).

ECONOMIST: Industry in Russia