Labour Markets and Trade Reform in Latin America: The Challenge for the Future

Luis A. Riveros

Chapter 11 in Latin America, 2002, pp 220-238 from Palgrave Macmillan

Abstract: Abstract The opening of the economy constituted a fundamental change in Latin America in the post-1970s and marked a dramatic reversal of the protectionist policies that had been pursued for decades at the cost of serious distortions and intractable macroeconomic imbalances. Protectionism had been seen as an effective tool for dealing with chronic poverty and unemployment in the region and for coping with the consequences of slow economic growth. Accordingly, labour-market policies in most Latin American countries (LACs) in the post-1945 era were designed to fit in with an inward-oriented development process entailing large-scale state intervention in the economy and broad-spectrum welfare policies. Thus, in keeping with the ideological conviction that labour is in permanent need of legal or institutional protection, wages and employment were heavily regulated.

Keywords: Minimum Wage; Real Wage; Informal Sector; Trade Negotiation; Severance Payment (search for similar items in EconPapers)
Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-55459-7_11

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DOI: 10.1057/9780230554597_11

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