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Protocollo di Luglio e crescita economica: l’occasione perduta

Author

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  • Leonello TRONTI

    (Servizio Statistiche Congiunturali sull'Occupazione e i Redditi ISTAT, Roma)

Abstract

The paper aims at explaining the ineffectiveness of the tripartite social pact of July 1993 (the so-called July Protocol) in fostering growth, further to curbing inflation and favouring employment. In the light of labour productivity dynamics, wage moderation after 1993 appears as a significant wage deflation. In an economy with relevant segments sheltered from international competitiveness, privatisations and wage deflation have combined in favouring rent accumulation; so that, unexpectedly, wage moderation has combined with a sensible competitive loss and with slow growth. Changes in the fundamental relationships among growth, profits, investment and employment show deterioration in the quality of new jobs and an employment-productivity tradeoff, which are discussed with refer- ence to innovation, workplace re-organisation and relational goods accumulation. Within the industrial relations system, major shortcomings can be traced to the poor engagement of social partners in preserving the credibility of the Pact. The concluding recommendations aim at resolving the incompleteness of the Protocol, and helping the Italian economy to enter the «high road» to competitiveness.

Suggested Citation

  • Leonello TRONTI, 2005. "Protocollo di Luglio e crescita economica: l’occasione perduta," Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore, vol. 113(2), pages 345-370.
  • Handle: RePEc:vep:journl:y:2005:v:113:i:2:p:345-370
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    Citations

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    Cited by:

    1. Giovanni Michelagnoli, 2015. "The Shaping of Incomes Policy in the Eighties. The Contribution of Ezio Tarantelli," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2015(2), pages 37-56.
    2. Pasquale Tridico, 2012. "Italy from economic decline to the current crisis," Working Papers 0005, ASTRIL - Associazione Studi e Ricerche Interdisciplinari sul Lavoro.
    3. Andrea Brandolini & Piero Casadio & Piero Cipollone & Marco Magnani & Alfonso Rosolia, 2007. "Employment Growth in Italy in the 1990s: Institutional Arrangements and Market Forces," AIEL Series in Labour Economics,in: Nicola Acocella & Riccardo Leoni (ed.), Social Pacts, Employment and Growth. A Reappraisal of Ezio Tarantelli’s Thought, edition 1, chapter 4, pages 31-68 AIEL - Associazione Italiana Economisti del Lavoro.

    More about this item

    Keywords

    growth; labour share; incomes policy; social pacts; wage deflation; rents; labour market reform; product market reform.;

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E64 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Incomes Policy; Price Policy
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • J5 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining
    • J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy

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