Restructuring during recessions: a silver lining in the cloud?

Recessions usually mean bad times for many workers and firms: companies close; jobs are lost. However, recessions can present certain opportunities for organizations. For example, restructuring can be less costly during a recession: workers can be retrained and machines upgraded. In turn, these actions position a company to take advantage of the next economic upturn. In this article, Keith Sill discusses the "creative destruction" that takes place during recessions and outlines some of the policy implications of restructuring