Moreover, if social spending is intended as insurance against the supposed risks of freer trade, it is hard to see why in many countries such a big slice of it goes to pensioners, who gain from lower import prices but do not have jobs to lose.

ECONOMIST: Second thoughts about globalisation

But the company has plenty of cash on hand to see it through a protracted strike and could have more if it sells a slice of GMAC, its profitable finance arm.

ECONOMIST: Union-bash or bust? | The