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

Richard Freeman

Chapter 8 in Advances in Macroeconomic Theory, 2001, pp 139-170 from Palgrave Macmillan

Abstract: 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.

Keywords: Capita Income; Minimum Wage; Collective Bargaining; Union Wage; Employment Protection (search for similar items in EconPapers)
Date: 2001
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DOI: 10.1057/9780333992753_8

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