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Changes to levels of earnings in the public and private sectors have a critical role in the adjustment process. Case studies of Singapore, Korea, Zambia, Zimbabwe and Argentina show that in those countries which adjusted unsuccessfully real earnings declined sharply, often with a further negative impact on output. The governments of the more succes
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Changes to levels of earnings in the public and private sectors have a critical role in the adjustment process. Case studies of Singapore, Korea, Zambia, Zimbabwe and Argentina show that in those countries which adjusted unsuccessfully real earnings declined sharply, often with a further negative impact on output. The governments of the more succes
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