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The Great Trough in Unemployment: a Long-term View of Unemployment, Inflation, Strikes, and the Profit/Wage Ratio

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  • WALTER KORPI

Abstract

The third quarter of the twentieth century with full employment in most Western countries is a historically unique period, forming The Great Trough in unemployment. This article analyses the beginning, continuation, and demise of The Great Trough, contrasting a supply-and-demand framework derived from economic theory with a power-sensitive approach focusing on long-term positive-sum conflicts involving major interest and reflected in unemployment, inflation, industrial disputes, and the functional distribution of national income. Comparative empirical data from eighteen countries are used in analyses of hypotheses implied by the different theoretical perspectives.

Suggested Citation

  • Walter Korpi, 2002. "The Great Trough in Unemployment: a Long-term View of Unemployment, Inflation, Strikes, and the Profit/Wage Ratio," Politics & Society, , vol. 30(3), pages 365-426, September.
    • Handle: RePEc:sae:polsoc:v:30:y:2002:i:3:p:365-426
    DOI: 10.1177/0032329202030003002
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    Cited by:

    1. Howell David R. & Baker Dean & Glyn Andrew & Schmitt John, 2007. "Are Protective Labor Market Institutions at the Root of Unemployment? A Critical Review of the Evidence," Capitalism and Society, De Gruyter, vol. 2(1), pages 1-73, May.
    2. Mann, Stefan & Wüstemann, Henry, 2012. "The fading scope of labour – remarks about the lost rationale of a common term," MPRA Paper 39401, University Library of Munich, Germany.
    3. Victor Quirk, 2018. "The light on the hill and the ‘right to work’," The Economic and Labour Relations Review, , vol. 29(4), pages 459-480, December.
    4. David R. Howell & Dean Baker & Andrew Glyn & John Schmitt, 2006. "Are Protective Labor Market Institutions Really at the Root of Unemployment? A Critical Perspective on the Statistical Evidence," CEPR Reports and Issue Briefs 2006-14, Center for Economic and Policy Research (CEPR).
    5. Erik Bengtsson, 2014. "Labour's share in twentieth-century Sweden: a reinterpretation," Scandinavian Economic History Review, Taylor & Francis Journals, vol. 62(3), pages 290-314, November.
    6. Castater Eric Graig, 2015. "Unionization and the partisan effect on income inequality," Business and Politics, De Gruyter, vol. 17(1), pages 1-40, April.
    7. Ewald Engelen, 2007. "‘Amsterdamned’? The Uncertain Future of a Financial Centre," Environment and Planning A, , vol. 39(6), pages 1306-1324, June.
    8. Guilherme Spinato Morlin, 2021. "Inflation and Macroeconomics in the US during the Golden Age," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 10(1), pages 107-130.
    9. Ewald Engelen, 2003. "The Logic of Funding European Pension Restructuring and the Dangers of Financialisation," Environment and Planning A, , vol. 35(8), pages 1357-1372, August.

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