Happened here in Israel, many times, most recently with Teva. it's a HUGE pharmaceutical company, international. they incurred tons of debt and had to restructure, the workers begged the government to intervene. but Teva rejected the government's offer and started laying people off, they didn't have to cut workers here but it's more profitable for them to fire Israelis with good pay rather then Indians or Americans even. the trouble begins and end with the banks- they consolidated, gave Teva massive amounts of credit, lobbied the government to give Teva discriminatory treatment (huge tax write-offs), and now they're eating away people's pensions. the banker class need to be put on a tighter leash IMO.
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I think all businesses and banks included should function in a free market and a small government environment. If government is minimal it does not get involved in the economy. I think governments should administer the rule of law and protect borders and that is about it. The smaller the government the less the chance of corruption between big business and politicians.