“As the recession bites, profits can only be safeguarded by reducing capacity, investment, research and development, labour and other costs in line with falling revenues. Upon the recovery, however, it is exactly the resources represented by these costs that the firm will need if it is to be able to take prompt and full advantage. The difficulties arise because neither contraction nor expansion are easy or instantaneous.”

— Corporate Strategies in Recession and Recovery (Routledge Revivals): Social Structure and Strategic Choice by Richard Whittington