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National Labour Relations in Internationalized MarketsA Comparative Study of Institutions, Change and Performance$
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Franz Traxler, Sabine Blaschke, and Bernhard Kittel

Print publication date: 2001

Print ISBN-13: 9780198295549

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198295549.001.0001

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Coordination, Institutions, and Performance

Coordination, Institutions, and Performance

(p.293) 20 Coordination, Institutions, and Performance
National Labour Relations in Internationalized Markets

Franz Traxler

Sabine Blaschke

Bernhard Kittel

Oxford University Press

Peak-level coordination involves bargaining structures — the most important factor in determining performance — that are most sensitive to wage externalities when under high governability and pattern bargaining. Under the Keynesian regime during the 1970s, the main contribution of labour relations to performance was to limit demand management by keeping price stability compatible with full employment by making use of an incomes policy. In cases like the 1973 oil shock, the need for an incomes policy increased because absorbing income loss required wage increases to be scaled down for investment so that probability could be maintained. It was during this period that only a few countries were able to attain the right combination of incomes policy and centralized structures or corporatism. Other countries tried to apply a state-sponsored wage coordination accompanied by more centralized bargaining. This chapter describes and compares how institutions responded to shifts in the first and last subperiods of the 1970s.

Keywords:   bargaining structures, wage externalities, high governability, pattern bargaining, labour relations, performance, incomes policy, corporatism, role of state, centralized bargaining

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