EconomicsGlobal4 January 2011abcSupply-side setbacks<strong>The</strong> supply-side advances <strong>in</strong> both <strong>the</strong> developedand emerg<strong>in</strong>g markets, which have managed todeliver growth without <strong>in</strong>flation, could go <strong>in</strong>toreverse. <strong>The</strong> prospect of Ch<strong>in</strong>a’s labour forcebecom<strong>in</strong>g more militant is at <strong>the</strong> forefront of anumber of <strong>in</strong>vestors’ m<strong>in</strong>ds. And <strong>in</strong> <strong>the</strong> westernworld, faced with an ongo<strong>in</strong>g squeeze <strong>in</strong> real<strong>in</strong>come, fur<strong>the</strong>r cuts to public pension provisionand <strong>in</strong>creases <strong>in</strong> retirement ages, one can’t ruleout a re-emergence of labour unionisation.29
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