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The industrialized economies of the world have experienced a
considerable diversity of economic experience since the shocks of
the 1970s. The authors of this major study assess the institutional
determinants of economic performance in a comparative analysis of
OECD economies. They focus in particular on the role played by
corporatist arrangements in such countries as Austria and the
Scandinavian states. Corporatism and Economic Performance argues
that economists often have a narrow view of the scope and function
of corporatism, focusing on the extent to which collective
bargaining is centralized, and ignoring the important role of
durable, consensual policy making arrangements. The record of the
corporatist economies is assessed and considerable evidence is
found to show that they have borne the burden of economic
adjustment over the last twenty years in a less inegalitarian way
than other OECD economies, with lower rates of unemployment and
greater economic stability. In an increasingly integrated world
economy, the future prospects for corporatism look uncertain,
although there is still a strong economic case for corporatist
institutions. This book sheds new light on corporatism as a complex
and multidimensional entity, examining the rationale, scope,
performance and future prospects of corporatist institutions.
Wages and Profits in the Capitalist Economy provides an incisive
study of the impact of monopolistic power on macroeconomic
performance in the USA and the UK since 1945, within a
post-Kaleckian framework.It provides new evidence to suggest that
the implications of monopolistic power, in both product and labour
markets, are important in understanding macroeconomic performance.
It argues that the rise and fall in profitability that accompanies
the cycle of boom and recession is indicative of the operation of
oligopolistic markets. Furthermore, the political economy of the
distribution of income exacerbates macroeconomic instability. The
book concludes that traditional Keynesian approaches favouring
solutions to increase economic growth, and neoclassical approaches
advocating supply-side policies to suppress conflict over
distribution, may offer little prospect of long-term economic
stability.
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