A Shakeout In Services
What no one says (but everyone recognizes) is that recessions are a grim sort of industrial policy. They promote efficiency and punish sloppiness. The deep downturn of the early 1980s helped rehabilitate U.S. manufacturing. Old plants were shut, and survivors streamlined. Now, a wide swath of the service sector may undergo a similarly shattering upheaval. It’s already starting. The airline and banking industries are in the throes of major consolidations....