In the new world of inefficient production and sluggish consumer demand, there will be a wave of pain among the car giants and their suppliers.

This price penalises excess use of carbon, for instance in the inefficient production of energy, and rewards reductions.

Old, obsolete products and inefficient production and distribution techniques simply cannot survive, and are blown away, to the benefit of consumers.

Reconstruction brought significant cuts in spending of inefficient production enterprises, which reduced their welfare responsibilities.

Growing government spending, large wage raises, and inefficient production created a chronic inflation that rose through the 1980s, when it briefly exceeded an annual rate of 1,000%.