Crecimiento basado en los salarios: concepto, teorias y politica

Marc Lavoie and Engelbert Stockhammer

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Abstract: The objective is to clarify the concept of a wage-led growth strategy, which combines pro-labour distributional policies with structural policies that strengthen a wage-led economic regime. A wage-led demand regime and pro-labour distributional policies must be distinguished, although we could say that pursuing pro-labour distributional policies in an economy whose structure is such that this economy is in a wage-led regime would constitute an appropriate wage-led growth strategy. Neoliberalism as it has occurred in practice has meant that most countries have instead pursued pro-capital distributional policies that have generated stagnant or unstable growth processes because these countries are mostly in a wage-led economic regime, thus necessitating external drivers such as household debt or export-led growth to maintain GDP growth. While a number of countries may be in a profit-led total demand regime when taking into account all elements of aggregate demand, including net exports, nearly all of them are in a wage-led domestic demand regime when only domestic demand is taken into account. Thus while pro-capital distributional policies may be demand-enhancing when a country is taken in isolation, this will not generally be the case when all countries are considered as a whole.

Date: 2015
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Published in revista de trabajo, 2015, 11 (13), pp.21-42

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01343741

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