Earlier quoted context omitted.
The economic set ups across the world changed. You can't fault companies for doing what was needed. In India many old people got shafted both the ways being asked to take voluntary retirements and being subjected to high inflation rates at the same time.
You can't fault companies for doing what was needed. Well, you can, or no obligation means anything anymore. Why should a company even pay you your wages if things are a little tight this month, by that logic?
Its just people woke up to the fact that socialism wasn't a feasible model anymore.