Shows that the conditions for a control trade‐off were in fact met during the period of stagflation, which lasted from the mid‐1970s to the early 1980s. It examines the need for wage restraint, the impact of corporatism and centralized wage bargaining on unemployment and inflation, and the effect of co‐determination in Germany, the Meidner plan in Sweden, and other efforts to incrementally increase workers’ control. The chapter also shows that a trade‐off would be feasible even if workers were solely concerned with their material well‐being and suggests that increasing workers’ control through pension and other investment funds is a particularly promising strategy in such a period.
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