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Single-Peaked versus Diversified Capitalism: The Relation between Economic Institutions and Outcomes

In: Advances in Macroeconomic Theory

Author

Listed:
  • Richard Freeman

    (Harvard University and National Bureau of Economic Research
    London School of Economics)

Abstract

Capitalist countries have historically had quite different labour market institutions and social policies: high mobility and flexibility in the United States, lifetime employment and steep seniority profiles in Japan, corporatism in the Nordic countries and Austria, apprenticeships in Germany, the SMIC minimum wage and legislated work-time in France. Throughout the EU, ‘social partners’ negotiate arrangements, whereas in North America the term has no meaning. The labour market is potentially the most idiosyncratic market in advanced capitalism.

Suggested Citation

  • Richard Freeman, 2001. "Single-Peaked versus Diversified Capitalism: The Relation between Economic Institutions and Outcomes," International Economic Association Series, in: Jacques Drèze (ed.), Advances in Macroeconomic Theory, chapter 8, pages 139-170, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-0-333-99275-3_8
    DOI: 10.1057/9780333992753_8
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    Citations

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    Cited by:

    1. Blien, Uwe & Sanner, Helge, 2015. "Structural change and regional employment development," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 113162, Verein für Socialpolitik / German Economic Association.
    2. Blien, Uwe & Sanner, Helge, 2006. "Structural change and regional employment dynamics," IAB-Discussion Paper 200606, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany].
    3. Wilhelm Kohler, 2002. "Issues of US-EU Trade Policy," Economics working papers 2002_03, Department of Economics, Johannes Kepler University Linz, Austria.
    4. Steven G. Medema, 2020. "The Coase Theorem at Sixty," Journal of Economic Literature, American Economic Association, vol. 58(4), pages 1045-1128, December.
    5. Joachim Möller, 2015. "Did the German Model Survive the Labor Market Reforms? [Hat das Modell Deutschland die Arbeitsmarktreformen überlebt?]," Journal for Labour Market Research, Springer;Institute for Employment Research/ Institut für Arbeitsmarkt- und Berufsforschung (IAB), vol. 48(2), pages 151-168, August.
    6. Schneider, Martin R., 2021. "Labor-Management Relations and Varieties of Capitalism," GLO Discussion Paper Series 934, Global Labor Organization (GLO).

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