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Why and how do politics, society and economics shape the growth and
failure of labour markets? Does government intervention help or
harm labour market reforms/adjustments in times of economic
downturn? What forces drive such government intervention and do
they differ from society to society?In addressing these big-picture
questions, this book's analytical scope is heavily centred around
the topic of labour markets' performance. The book argues that
performance in labour markets across countries are influenced by
their labour market policies. In turn, these policies are shaped,
in varying degrees, by the country's politics. Each chapter in this
book dives into the labour market experiences in various countries
to demonstrate why in some countries, labour markets perform better
than in other countries. Major findings from this book suggest that
countries can produce better economic and social outcomes (e.g.
lower socio-economic inequality) if their labour market policies
are aimed at fostering a socially and politically stable society
via greater equity in wealth distribution across various
socio-cultural and income groups.This book is an essential read for
any public policy researchers, policy practitioners and
undergraduate/graduate students who are interested or vested in the
topic of labour markets' performance in the political, social and
economic dimensions. Particularly, this book provides a critical
synthesis of the labour market experiences in many countries.
Hence, the book serves as an ideational tool to advance future
labour market research and policy.
This book serves as a textbook on labour economics and public
policy in labour markets.It also shows how Singapore has been
successful in establishing a world class labour market. One
attribute of such a labour market is the high purchasing power of
wages for the average worker for essentials such as housing,
healthcare, quality education for children and retirement
consumption, which motivates Singaporeans to work hard. The second
attribute is a macro-focused labour union that works closely with
the government, and is able to prevent excessive wage increase.
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