The paper presents a preliminary and partial analysis of the information collected in a comparative 12-country study of the adjustment of national employment and social-welfare policies to the increasing internationalisation of product and capital markets. After the postwar decades, when national governments were still able to control their economic boundaries, the first international challenge came in the form of the oil-price crisis of 1973/74, which confronted industrial economies with the double threat of cost-push inflation and demand-gap unemployment. It could be met if countries were able to achieve a form of in which expansionary monetary and fiscal policies would defend employment while union wage restraint could be relied on to fight inflation. For this solution, industrial-relations institutions were a necessary, but not a sufficient, condition. Since the second oil-price crisis of 1979 Scandinavian, Anglo-Saxon and Continental are creating important differences in vulnerability that can no longer be met by standardised responses. This paper concludes with an examination of the specific problems faced by, and the solutions available to, the different countries included in the study.
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Article provided by Cambridge University Press in its journal European Review.
Volume (Year): 8 (2000) Issue (Month): 03 (July) Pages: 399-425 Download reference. The following formats are available: HTML
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