Corporatism and Economic Performance: A Comparative Analysis of Market Economies
This book provides a thoughtful and extremely accessible re-assessment of the economic theory on which corporatist policies have been based. . . . the authors have drawn widely on the relevant economics and political science literature. Mark Wickham-Jones, Political Studies The industrialized economies of the world have experienced a considerable diversity of economic experience since the shocks of the 1970s. The authors of this major study assess the institutional determinants of economic performance in a comparative analysis of OECD economies. They focus in particular on the role played by corporatist arrangements in such countries as Austria and the Scandinavian states. Corporatism and Economic Performance argues that economists often have a narrow view of the scope and function of corporatism, focusing on the extent to which collective bargaining is centralized, and ignoring the important role of durable, consensual policy making arrangements. The record of the corporatist economies is assessed and considerable evidence is found to show that they have borne the burden of economic adjustment over the last twenty years in a less inegalitarian way than other OECD economies, with lower rates of unemployment and greater economic stability. In an increasingly integrated world economy, the future prospects for corporatism look uncertain, although there is still a strong economic case for corporatist institutions. This book sheds new light on corporatism as a complex and multidimensional entity, examining the rationale, scope, performance and future prospects of corporatist institutions.
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achieve ALMPs approach argues Austria bargained real wage Calmfors and Driffill capital central bank chapter collective bargaining competitiveness concerned consensus coordination corporatism corporatist arrangements corporatist compromise corporatist countries corporatist economies corporatist institutions costs decentralized degree developed discussion distributional conflict economic performance economic shocks economists EFTA employers entails equilibrium European example exchange rate Finland firms forms of corporatism full employment Germany greater groups important income incomes policies industrial policy inflation investment Japan labour market Layard Lehmbruch level of unemployment literature long-run macroeconomic macroeconomic policy monetarist monetary policy NAIRU neoclassical neoclassical economics Netherlands nominal wage Norway OECD organized interests particular PCTC Phillips curve policy credibility political exchange pressure problem profit squeeze rate policy real wage curve relationship role sector social democratic Soskice stability strategy structure Sweden Swedish Switzerland Table theory trade unions wage bargainers wage determination wage flexibility wage restraint wage-setting Walrasian workers