James Halteman and Edd Noell
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780199763702
- eISBN:
- 9780199932252
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199763702.003.0003
- Subject:
- Economics and Finance, Financial Economics
The moral reflections of the medieval Scholastics on trade and loans are discussed in this chapter. Institutional change in thirteenth- and fourteenth-century Europe facilitated specialization, the ...
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The moral reflections of the medieval Scholastics on trade and loans are discussed in this chapter. Institutional change in thirteenth- and fourteenth-century Europe facilitated specialization, the widening of markets, and the spread of monetary exchange. Thomas Aquinas and others respond to these developments with instruction on the Christian duties of merchants, borrowers, and lenders. Drawing on Aristotle, Roman law, and the Scriptures, they identify the criteria for justice in a particular product exchange by focusing on its purpose and identifying practices of fraud and economic compulsion. Scholastic opposition to usury is grounded in the phenomenon of economic duress, though several extrinsic titles to interest are eventually extended. By the sixteenth century, Scholastics are laying greater stress on the impersonal dimensions of exchange and the manner in which competition fosters commutative justice in product and labor markets. The vignette “Medieval Scholastics and Moral Values for the Subprime Mortgage Crisis” is included.Less
The moral reflections of the medieval Scholastics on trade and loans are discussed in this chapter. Institutional change in thirteenth- and fourteenth-century Europe facilitated specialization, the widening of markets, and the spread of monetary exchange. Thomas Aquinas and others respond to these developments with instruction on the Christian duties of merchants, borrowers, and lenders. Drawing on Aristotle, Roman law, and the Scriptures, they identify the criteria for justice in a particular product exchange by focusing on its purpose and identifying practices of fraud and economic compulsion. Scholastic opposition to usury is grounded in the phenomenon of economic duress, though several extrinsic titles to interest are eventually extended. By the sixteenth century, Scholastics are laying greater stress on the impersonal dimensions of exchange and the manner in which competition fosters commutative justice in product and labor markets. The vignette “Medieval Scholastics and Moral Values for the Subprime Mortgage Crisis” is included.
John Knight and Lina Song
- Published in print:
- 2005
- Published Online:
- April 2005
- ISBN:
- 9780199245277
- eISBN:
- 9780191602207
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199245274.001.0001
- Subject:
- Economics and Finance, South and East Asia
This book presents a compilation of studies on China’s labour market. These explore institutional and political constraints on the operation of the market, and their changes over time. The book is ...
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This book presents a compilation of studies on China’s labour market. These explore institutional and political constraints on the operation of the market, and their changes over time. The book is divided into four parts. Part I studies the Chinese labour and wage system under the planned economy, labour market reforms, their evolution, and their consequences. Part II examines the various aspects of the labour market such as wage structure and segmentation. Part III analyses the rural labour market. Part IV discusses the imperfect labour market.Less
This book presents a compilation of studies on China’s labour market. These explore institutional and political constraints on the operation of the market, and their changes over time. The book is divided into four parts. Part I studies the Chinese labour and wage system under the planned economy, labour market reforms, their evolution, and their consequences. Part II examines the various aspects of the labour market such as wage structure and segmentation. Part III analyses the rural labour market. Part IV discusses the imperfect labour market.
Peter Flaschel and Alfred Greiner
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780199751587
- eISBN:
- 9780199932825
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199751587.003.0006
- Subject:
- Economics and Finance, Economic Systems
The conclusions summarize the main results. In particular, neither the Marx' reserve army mechanism nor mass unemployment as a disciplining device, as in Kalecki's work, are necessary for the ...
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The conclusions summarize the main results. In particular, neither the Marx' reserve army mechanism nor mass unemployment as a disciplining device, as in Kalecki's work, are necessary for the functioning of a capitalistic system. The introduction of minimum and maximum real wages can attenuate the negative consequences of booms and recessions provided that markets, including the labor market, are sufficiently flexible implying that employers must not be constrained in their hiring and firing decisions. Further, lower and upper bounds for real wages can be seen as one ingredient of a flexicurity economy that intends to overcome the conflict between capital and labor. Thus, flexicurity capitalism can be considered as a Western type of competitive socialism, as envisaged by Schumpeter, that does not only successfully solve the coordination problem but also the incentive problem in the principal-agent scenario.Less
The conclusions summarize the main results. In particular, neither the Marx' reserve army mechanism nor mass unemployment as a disciplining device, as in Kalecki's work, are necessary for the functioning of a capitalistic system. The introduction of minimum and maximum real wages can attenuate the negative consequences of booms and recessions provided that markets, including the labor market, are sufficiently flexible implying that employers must not be constrained in their hiring and firing decisions. Further, lower and upper bounds for real wages can be seen as one ingredient of a flexicurity economy that intends to overcome the conflict between capital and labor. Thus, flexicurity capitalism can be considered as a Western type of competitive socialism, as envisaged by Schumpeter, that does not only successfully solve the coordination problem but also the incentive problem in the principal-agent scenario.
Mariko Lin Chang
- Published in print:
- 2010
- Published Online:
- September 2012
- ISBN:
- 9780195367690
- eISBN:
- 9780199944101
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195367690.001.0001
- Subject:
- Sociology, Gender and Sexuality
Women now receive more college degrees than men, and enter the workforce with better job opportunities than ever before. Indeed, the wage gap between men and women has never been smaller. So why does ...
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Women now receive more college degrees than men, and enter the workforce with better job opportunities than ever before. Indeed, the wage gap between men and women has never been smaller. So why does the typical woman have only 36 cents for every dollar of wealth owned by the typical man? How is it that never-married women working full-time have only 16% as much wealth as similarly situated men? And why do single mothers have only 8% of the wealth of single fathers? The first book to focus on the differences in wealth between women and men, this is an accessible examination of why women struggle to accumulate assets, who has what, and why it matters. The book draws on the most comprehensive national data on wealth and on in-depth interviews to show how differences in earnings, in saving and investing, and, most important, the demands of care-giving all contribute to the gender-wealth gap. It argues that the current focus on equal pay and family-friendly workplace policies, although important, will not ultimately change or eliminate wealth inequalities. What the book calls the “wealth escalator”—comprised of fringe benefits, the tax code, and government benefits—and the “debt anchor” must be the targets of policies aimed at strengthening women's financial resources. The book proposes a number of practical suggestions to address the unequal burdens and consequences of care-giving, so that women who work just as hard as men will not be left standing in financial quicksand.Less
Women now receive more college degrees than men, and enter the workforce with better job opportunities than ever before. Indeed, the wage gap between men and women has never been smaller. So why does the typical woman have only 36 cents for every dollar of wealth owned by the typical man? How is it that never-married women working full-time have only 16% as much wealth as similarly situated men? And why do single mothers have only 8% of the wealth of single fathers? The first book to focus on the differences in wealth between women and men, this is an accessible examination of why women struggle to accumulate assets, who has what, and why it matters. The book draws on the most comprehensive national data on wealth and on in-depth interviews to show how differences in earnings, in saving and investing, and, most important, the demands of care-giving all contribute to the gender-wealth gap. It argues that the current focus on equal pay and family-friendly workplace policies, although important, will not ultimately change or eliminate wealth inequalities. What the book calls the “wealth escalator”—comprised of fringe benefits, the tax code, and government benefits—and the “debt anchor” must be the targets of policies aimed at strengthening women's financial resources. The book proposes a number of practical suggestions to address the unequal burdens and consequences of care-giving, so that women who work just as hard as men will not be left standing in financial quicksand.
Price V. Fishback
- Published in print:
- 1992
- Published Online:
- October 2011
- ISBN:
- 9780195067255
- eISBN:
- 9780199855025
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195067255.003.0012
- Subject:
- Economics and Finance, Economic History
Coal mining offered the opportunity to earn money quickly during booms, but it was a dirty, dangerous job often located in isolated little towns. To protect themselves against exploitation by ...
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Coal mining offered the opportunity to earn money quickly during booms, but it was a dirty, dangerous job often located in isolated little towns. To protect themselves against exploitation by employers, coal miners exercised both voice and exit. The voice came in the form of collective action either through the formation of labor unions or labor strikes. The United Mine Workers of America (UMWA) enhanced the welfare of their members in several ways. Within the coal industry, miners obtained higher wages by joining the union and striking. The union did not necessarily lead to a better situation in all phases of the job, however. Accident rates were no lower in union than in non-union mines, nor was the quality of sanitation better, holding other factors constant. Blacks were welcomed into the union in the mining areas where they had long been located, but a number of union locals in the North treated blacks as pariahs. The UMWA was crushed along with the coal operators by the deterioration of the industry in the late 1920s and early 1930s.Less
Coal mining offered the opportunity to earn money quickly during booms, but it was a dirty, dangerous job often located in isolated little towns. To protect themselves against exploitation by employers, coal miners exercised both voice and exit. The voice came in the form of collective action either through the formation of labor unions or labor strikes. The United Mine Workers of America (UMWA) enhanced the welfare of their members in several ways. Within the coal industry, miners obtained higher wages by joining the union and striking. The union did not necessarily lead to a better situation in all phases of the job, however. Accident rates were no lower in union than in non-union mines, nor was the quality of sanitation better, holding other factors constant. Blacks were welcomed into the union in the mining areas where they had long been located, but a number of union locals in the North treated blacks as pariahs. The UMWA was crushed along with the coal operators by the deterioration of the industry in the late 1920s and early 1930s.
Gilles Saint-Paul
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780198293323
- eISBN:
- 9780191596841
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198293321.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
Most economists think that unemployment is high in Europe because of rigid labour market institutions such as minimum wages, unemployment benefits, and employment protection. The book develops a ...
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Most economists think that unemployment is high in Europe because of rigid labour market institutions such as minimum wages, unemployment benefits, and employment protection. The book develops a theory of labour market institutions as the outcome of the political process. A central hypothesis is that they will be chiefly determined by the interests of employed workers with intermediate skill levels. We show that redistributive conflict between these workers and more skilled workers may lead to an outcome where a set of rigid institutions arise. We analyse why reform may be difficult because of status‐quo bias, and discuss how it may nevertheless be implemented by choosing an appropriate design or timing for the reform.Less
Most economists think that unemployment is high in Europe because of rigid labour market institutions such as minimum wages, unemployment benefits, and employment protection. The book develops a theory of labour market institutions as the outcome of the political process. A central hypothesis is that they will be chiefly determined by the interests of employed workers with intermediate skill levels. We show that redistributive conflict between these workers and more skilled workers may lead to an outcome where a set of rigid institutions arise. We analyse why reform may be difficult because of status‐quo bias, and discuss how it may nevertheless be implemented by choosing an appropriate design or timing for the reform.
A. B. Atkinson
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780199532438
- eISBN:
- 9780191714559
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199532438.003.0011
- Subject:
- Economics and Finance, Development, Growth, and Environmental, International
This chapter reviews the discussions in the preceding chapters. It argues that the distribution of earnings is not outside our control. Although governments are constrained by the global economy and ...
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This chapter reviews the discussions in the preceding chapters. It argues that the distribution of earnings is not outside our control. Although governments are constrained by the global economy and by the pace of technological change, policy still has a role. The evolution of pay norms is partly endogenous, and state enterprises can influence the resulting market equilibrium. Conversely, the privatization of state enterprises can affect pay at both the top and the bottom of the distribution.Less
This chapter reviews the discussions in the preceding chapters. It argues that the distribution of earnings is not outside our control. Although governments are constrained by the global economy and by the pace of technological change, policy still has a role. The evolution of pay norms is partly endogenous, and state enterprises can influence the resulting market equilibrium. Conversely, the privatization of state enterprises can affect pay at both the top and the bottom of the distribution.
A. B. Atkinson
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780199532438
- eISBN:
- 9780191714559
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199532438.003.0013
- Subject:
- Economics and Finance, Development, Growth, and Environmental, International
The note describes a simple version of the pay norm model, where the assumptions are chosen to bring out the essence of the argument, rather than to allow for the full richness of strategic ...
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The note describes a simple version of the pay norm model, where the assumptions are chosen to bring out the essence of the argument, rather than to allow for the full richness of strategic behaviour. It is essentially a behavioural model.Less
The note describes a simple version of the pay norm model, where the assumptions are chosen to bring out the essence of the argument, rather than to allow for the full richness of strategic behaviour. It is essentially a behavioural model.
Peter A. Swenson
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780195142976
- eISBN:
- 9780199872190
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195142977.003.0003
- Subject:
- Political Science, American Politics
This chapter begins the historical analysis of welfare state development by tracing the origins of American segmentalism, a pattern of labor market control marked by decentralized industrial ...
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This chapter begins the historical analysis of welfare state development by tracing the origins of American segmentalism, a pattern of labor market control marked by decentralized industrial relations, relatively high and downwardly rigid wages paid by many large employers (efficiency wages), and extensive use of company benefits (welfare capitalism). Leading employers in America embarked on their segmentalist strategy early in the 20th century by breaking with existing and emerging centralized regulation of labor markets (multiemployer collective bargaining), desiring in part to assert absolute management rights against the militant claims of labor unions. For reasons analyzed in Ch. 2, success of the employers gave rise to heightened interests in regulatory social reform in response to the deflationary macroeconomic shock of the Great Depression.Less
This chapter begins the historical analysis of welfare state development by tracing the origins of American segmentalism, a pattern of labor market control marked by decentralized industrial relations, relatively high and downwardly rigid wages paid by many large employers (efficiency wages), and extensive use of company benefits (welfare capitalism). Leading employers in America embarked on their segmentalist strategy early in the 20th century by breaking with existing and emerging centralized regulation of labor markets (multiemployer collective bargaining), desiring in part to assert absolute management rights against the militant claims of labor unions. For reasons analyzed in Ch. 2, success of the employers gave rise to heightened interests in regulatory social reform in response to the deflationary macroeconomic shock of the Great Depression.
Maurizio Ferrera and Elisabetta Gualmini
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780199240920
- eISBN:
- 9780191600180
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199240922.003.0008
- Subject:
- Political Science, Comparative Politics
Italy's economic and employment problems were to a large extent home made, whereas external economic and political pressures did facilitate internal revitalization. While export‐oriented industries ...
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Italy's economic and employment problems were to a large extent home made, whereas external economic and political pressures did facilitate internal revitalization. While export‐oriented industries in northern Italy had maintained international competitiveness, overall employment rates were very low, and inflation was very high until the early 1990s. Since the clientelistic Italian state was not able to put the brakes on the spiral of wage and price increases that were automatically linked to all sorts of public and welfare‐state expenditures, public‐sector deficits were rising inexorably. After the collapse of the old party system, however, the unions were able and willing to enter into a series of accords with successive reform governments that not only facilitated price stability through wage restraint but that also legitimated significant welfare cutbacks that contributed to budget consolidation. The impetus for reform was a serious political commitment to meet the stringent Maastricht criteria in order to ensure Italy's membership in the European Monetary Union.Less
Italy's economic and employment problems were to a large extent home made, whereas external economic and political pressures did facilitate internal revitalization. While export‐oriented industries in northern Italy had maintained international competitiveness, overall employment rates were very low, and inflation was very high until the early 1990s. Since the clientelistic Italian state was not able to put the brakes on the spiral of wage and price increases that were automatically linked to all sorts of public and welfare‐state expenditures, public‐sector deficits were rising inexorably. After the collapse of the old party system, however, the unions were able and willing to enter into a series of accords with successive reform governments that not only facilitated price stability through wage restraint but that also legitimated significant welfare cutbacks that contributed to budget consolidation. The impetus for reform was a serious political commitment to meet the stringent Maastricht criteria in order to ensure Italy's membership in the European Monetary Union.
Gøsta Esping‐Andersen
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780199240524
- eISBN:
- 9780191599187
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199240523.003.0004
- Subject:
- Political Science, Comparative Politics
This chapter examines the impact of labour market regulation in Europe. It shows that regulation slows down flows out of unemployment, and contributes to the unemployment problem among young and ...
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This chapter examines the impact of labour market regulation in Europe. It shows that regulation slows down flows out of unemployment, and contributes to the unemployment problem among young and low-skilled workers. Other than these, there is no consistent nor convincing evidence on the relationship between employment protection and unemployment in quantitative literature.Less
This chapter examines the impact of labour market regulation in Europe. It shows that regulation slows down flows out of unemployment, and contributes to the unemployment problem among young and low-skilled workers. Other than these, there is no consistent nor convincing evidence on the relationship between employment protection and unemployment in quantitative literature.
Gøsta Esping‐Andersen
- Published in print:
- 1999
- Published Online:
- November 2003
- ISBN:
- 9780198742005
- eISBN:
- 9780191599163
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198742002.003.0007
- Subject:
- Political Science, Comparative Politics
The macroscopic changes to post‐industrial employment that were examined in the previous chapter are unlikely to affect all nations similarly. Job loss through de‐industrialization, e.g., will be ...
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The macroscopic changes to post‐industrial employment that were examined in the previous chapter are unlikely to affect all nations similarly. Job loss through de‐industrialization, e.g., will be more massive where existing industries are uncompetitive (as in Britain or Spain) and less devastating elsewhere—perhaps because firms are more adaptable (as in much of Danish, Italian, or German industry), but possibly also because wage costs decline (as in the US). De‐industrialization may or may not cause heavy unemployment, depending on skill and production structure, and also on how labour markets are managed; most of Europe has,e.g., transformed mass lay‐offs into early retirement. Similar root causes of post‐industrial employment will, therefore, have radically divergent outcomes—there is no such thing as one post‐industrial model because the institutional make‐up of nations differs, and so also does their choice of how to manage change. The different sections of this chapter are: Industrial Relations; Labour Market Regulation; The Dilemmas of Flexibilization; The Welfare State and the Reservation Wage; Wage Regulation; Employment Protection; The Regulatory Infrastructure and the Management of Industrial Decline; Managing the Equality—Jobs Trade‐Off; The Hump‐Shaped Curve—a quadratic measure of labour market rigidities; and National Idiosyncrasies and Welfare Regimes.Less
The macroscopic changes to post‐industrial employment that were examined in the previous chapter are unlikely to affect all nations similarly. Job loss through de‐industrialization, e.g., will be more massive where existing industries are uncompetitive (as in Britain or Spain) and less devastating elsewhere—perhaps because firms are more adaptable (as in much of Danish, Italian, or German industry), but possibly also because wage costs decline (as in the US). De‐industrialization may or may not cause heavy unemployment, depending on skill and production structure, and also on how labour markets are managed; most of Europe has,e.g., transformed mass lay‐offs into early retirement. Similar root causes of post‐industrial employment will, therefore, have radically divergent outcomes—there is no such thing as one post‐industrial model because the institutional make‐up of nations differs, and so also does their choice of how to manage change. The different sections of this chapter are: Industrial Relations; Labour Market Regulation; The Dilemmas of Flexibilization; The Welfare State and the Reservation Wage; Wage Regulation; Employment Protection; The Regulatory Infrastructure and the Management of Industrial Decline; Managing the Equality—Jobs Trade‐Off; The Hump‐Shaped Curve—a quadratic measure of labour market rigidities; and National Idiosyncrasies and Welfare Regimes.
Peter Taylor-Gooby and Trine P. Larsen
- Published in print:
- 2004
- Published Online:
- January 2005
- ISBN:
- 9780199267262
- eISBN:
- 9780191602023
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019926726X.003.0003
- Subject:
- Political Science, Political Economy
The UK developed an innovative agenda of new social risk policies through the 1980s and 1990s. The Conservative government up to 1997 essentially pursued liberal market reforms with minimal provision ...
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The UK developed an innovative agenda of new social risk policies through the 1980s and 1990s. The Conservative government up to 1997 essentially pursued liberal market reforms with minimal provision for vulnerable minorities. After 1997, new labour developed a programme of work‐life balance and New Deal labour market reforms that represented a change of direction in the UK context. These policies relied heavily on market provision and on market incentives, with a state safety net for those on low incomes, but were more generous than the previous provision and were carefully and consciously structured to enhance work incentives for women with domestic responsibilities and others. They were influential in welfare state debate across Europe and at EU level. Reliance on a private sector, which government cannot directly control, created problems, most notably in childcare, elder care, and pensions. The UK is able to change policy rapidly due to its highly centralised ‘Westminster’ governmental system. Its reform experience has important lessons for other European countries.Less
The UK developed an innovative agenda of new social risk policies through the 1980s and 1990s. The Conservative government up to 1997 essentially pursued liberal market reforms with minimal provision for vulnerable minorities. After 1997, new labour developed a programme of work‐life balance and New Deal labour market reforms that represented a change of direction in the UK context. These policies relied heavily on market provision and on market incentives, with a state safety net for those on low incomes, but were more generous than the previous provision and were carefully and consciously structured to enhance work incentives for women with domestic responsibilities and others. They were influential in welfare state debate across Europe and at EU level. Reliance on a private sector, which government cannot directly control, created problems, most notably in childcare, elder care, and pensions. The UK is able to change policy rapidly due to its highly centralised ‘Westminster’ governmental system. Its reform experience has important lessons for other European countries.
Jochen Clasen
- Published in print:
- 2005
- Published Online:
- February 2006
- ISBN:
- 9780199270712
- eISBN:
- 9780191603266
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199270716.003.0004
- Subject:
- Political Science, Political Economy
The chapter discusses three periods of policy change in the field of social protection for unemployed people. It explains basic parameters of unemployment protection systems, contrasting contemporary ...
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The chapter discusses three periods of policy change in the field of social protection for unemployed people. It explains basic parameters of unemployment protection systems, contrasting contemporary systems with those which existed in the late 1970s. Making use of several indicators, it assess the scale and profile of change in each country. The different reform profiles are identified and their genesis discussed in the context of major legislative changes. It argues that the specific links between unemployment protection systems and respective national political economy structures have impacted strongly on the emerging reform profiles. Dynamic power relations within and across government parties, as well as contextual changes impeded or facilitated policies, thus explaining cross-national variations in the pace and profile of reform.Less
The chapter discusses three periods of policy change in the field of social protection for unemployed people. It explains basic parameters of unemployment protection systems, contrasting contemporary systems with those which existed in the late 1970s. Making use of several indicators, it assess the scale and profile of change in each country. The different reform profiles are identified and their genesis discussed in the context of major legislative changes. It argues that the specific links between unemployment protection systems and respective national political economy structures have impacted strongly on the emerging reform profiles. Dynamic power relations within and across government parties, as well as contextual changes impeded or facilitated policies, thus explaining cross-national variations in the pace and profile of reform.
Andrew Hindmoor
- Published in print:
- 2004
- Published Online:
- January 2005
- ISBN:
- 9780199273140
- eISBN:
- 9780191601897
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199273146.003.0004
- Subject:
- Political Science, UK Politics
This chapter examines New Labour’s efforts to rhetorically construct the political centre based on its policies on devolution, minimum wage, trade union recognition, and tax increase in the 2002 ...
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This chapter examines New Labour’s efforts to rhetorically construct the political centre based on its policies on devolution, minimum wage, trade union recognition, and tax increase in the 2002 budget. It is argued that policies are not left-wing because policies are not ‘really’ anything. New Labour used definitions, comparisons, ridicule, authority, and arguments about cause and effect, contradiction, and sacrifice to persuade voters that its policies were at the political centre.Less
This chapter examines New Labour’s efforts to rhetorically construct the political centre based on its policies on devolution, minimum wage, trade union recognition, and tax increase in the 2002 budget. It is argued that policies are not left-wing because policies are not ‘really’ anything. New Labour used definitions, comparisons, ridicule, authority, and arguments about cause and effect, contradiction, and sacrifice to persuade voters that its policies were at the political centre.
Florence Kondylis and Jonathan Wadsworth
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780199212668
- eISBN:
- 9780191712807
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199212668.003.0005
- Subject:
- Economics and Finance, Financial Economics
This chapter tracks changes in wages and wage inequality in Britain since the 1970s, focusing on the principal differences in wage levels between individuals and on what explains the rise in wage ...
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This chapter tracks changes in wages and wage inequality in Britain since the 1970s, focusing on the principal differences in wage levels between individuals and on what explains the rise in wage inequality. Section 4.2 begins with a discussion of the principal data sources used to track the evolution of wages over time. Section 4.3 gives some facts and figures on the extent of wage inequality across groups and over time, while Section 4.4 outlines and evaluates the main hypotheses put forward to explain rising wage inequality. Section 4.5 offers some concluding observations.Less
This chapter tracks changes in wages and wage inequality in Britain since the 1970s, focusing on the principal differences in wage levels between individuals and on what explains the rise in wage inequality. Section 4.2 begins with a discussion of the principal data sources used to track the evolution of wages over time. Section 4.3 gives some facts and figures on the extent of wage inequality across groups and over time, while Section 4.4 outlines and evaluates the main hypotheses put forward to explain rising wage inequality. Section 4.5 offers some concluding observations.
Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780199288144
- eISBN:
- 9780191603884
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199288143.003.0009
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter discusses advances in formal economic theory by examining how different positions among economists arise from their different assumptions and models. The discussion focuses on ways in ...
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This chapter discusses advances in formal economic theory by examining how different positions among economists arise from their different assumptions and models. The discussion focuses on ways in which real world economies differ from the ‘competitive equilibrium’ model that has become the benchmark model. The current benchmark competitive equilibrium framework includes new classical, representative agent, and real business cycle models which assume that all markets (including the labor market) have clear, perfect information, complete markets (including perfect capital and insurance markets), perfect wage and price flexibility, perfect competition, perfect rationality, and no externalities. If these models accurately portrayed reality, the economy would be efficient and there would be no need for government intervention. The assumptions of these models, however, are unrealistic and it is difficult to reconcile the required macro-formulations with what is known about microeconomic behavior (without resorting to ad hoc assumptions about the nature of the stochastic shocks to preferences and technology). The inadequacies of these models are even greater for developing countries where information imperfections are more pervasive and more markets are missing or incomplete (e.g., insurance markets). Accordingly, economic research since the 1990s has focused on identifying the most important limitations of the standard competitive model, particularly those limitations that help to explain the nature of economic volatility.Less
This chapter discusses advances in formal economic theory by examining how different positions among economists arise from their different assumptions and models. The discussion focuses on ways in which real world economies differ from the ‘competitive equilibrium’ model that has become the benchmark model. The current benchmark competitive equilibrium framework includes new classical, representative agent, and real business cycle models which assume that all markets (including the labor market) have clear, perfect information, complete markets (including perfect capital and insurance markets), perfect wage and price flexibility, perfect competition, perfect rationality, and no externalities. If these models accurately portrayed reality, the economy would be efficient and there would be no need for government intervention. The assumptions of these models, however, are unrealistic and it is difficult to reconcile the required macro-formulations with what is known about microeconomic behavior (without resorting to ad hoc assumptions about the nature of the stochastic shocks to preferences and technology). The inadequacies of these models are even greater for developing countries where information imperfections are more pervasive and more markets are missing or incomplete (e.g., insurance markets). Accordingly, economic research since the 1990s has focused on identifying the most important limitations of the standard competitive model, particularly those limitations that help to explain the nature of economic volatility.
Pranab Bardhan
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780195305197
- eISBN:
- 9780199783519
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195305191.003.0007
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This essay explores the issue of globalization, focusing on damage caused to jobs, wages, and incomes of poor people by the dislocations and competition of international trade and foreign investment, ...
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This essay explores the issue of globalization, focusing on damage caused to jobs, wages, and incomes of poor people by the dislocations and competition of international trade and foreign investment, and the weakening of the ability of the state to compensate for this damage and alleviate poverty. It discusses the poor as self-employed workers, as wage workers, and as users of public services and common property resources. It argues that in the medium-to-long run, globalization need not make the poor much worse off if appropriate domestic policies and institutions are in place and appropriate coordination among the involved parties can be organized. If the institutional prerequisites can be managed, globalization opens the door for some new opportunities even for the poor.Less
This essay explores the issue of globalization, focusing on damage caused to jobs, wages, and incomes of poor people by the dislocations and competition of international trade and foreign investment, and the weakening of the ability of the state to compensate for this damage and alleviate poverty. It discusses the poor as self-employed workers, as wage workers, and as users of public services and common property resources. It argues that in the medium-to-long run, globalization need not make the poor much worse off if appropriate domestic policies and institutions are in place and appropriate coordination among the involved parties can be organized. If the institutional prerequisites can be managed, globalization opens the door for some new opportunities even for the poor.
Kaushik Basu
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780195305197
- eISBN:
- 9780199783519
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195305191.003.0017
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This essay attempts to show that seemingly reasonable policy interventions can easily backfire in the area of child labor. Thus, policy interventions cannot be left at the level of broad-brush ...
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This essay attempts to show that seemingly reasonable policy interventions can easily backfire in the area of child labor. Thus, policy interventions cannot be left at the level of broad-brush statements but need to be crafted carefully. The general possibility of pathological reactions to policy interventions will be discussed, and one particular pathology will be spelled out in some detail because this is a problem that seems not to have been discussed in the literature, and also because it provides a generic illustration of the hazard of using standard instruments for curbing child labor.Less
This essay attempts to show that seemingly reasonable policy interventions can easily backfire in the area of child labor. Thus, policy interventions cannot be left at the level of broad-brush statements but need to be crafted carefully. The general possibility of pathological reactions to policy interventions will be discussed, and one particular pathology will be spelled out in some detail because this is a problem that seems not to have been discussed in the literature, and also because it provides a generic illustration of the hazard of using standard instruments for curbing child labor.
Jane Whittle
- Published in print:
- 2000
- Published Online:
- October 2011
- ISBN:
- 9780198208426
- eISBN:
- 9780191677991
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198208426.003.0007
- Subject:
- History, British and Irish Early Modern History
This introductory chapter sets out the purpose of the book, which is to explore the early beginnings of agrarian capitalism in England. The question of ...
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This introductory chapter sets out the purpose of the book, which is to explore the early beginnings of agrarian capitalism in England. The question of how and why capitalism developed in England has been a source of debate. Several historical sources were used to examine a wide range of topics such as rights to land and the level of rent, the land market and inheritance, the distribution of land and wealth, the landless, wage-earners, rural craftsmen, as well as the labour laws.Less
This introductory chapter sets out the purpose of the book, which is to explore the early beginnings of agrarian capitalism in England. The question of how and why capitalism developed in England has been a source of debate. Several historical sources were used to examine a wide range of topics such as rights to land and the level of rent, the land market and inheritance, the distribution of land and wealth, the landless, wage-earners, rural craftsmen, as well as the labour laws.
