With the end of the post-war boom in the early 1970s, the world economy has experienced large scale unemployment. From an assumption that the unemployment problem had been solved, and that full employment could be maintained through demand management techniques, we now live in an entirely different world. Any suggestion of a return to full employment is met with questions of whether such a thing is possible, whether it would not lead to inflation or to excessive
trade union power, or in the case of individual economies to unsustainable balance of payment deficits. The contributors to this volume ask whether full employment policies would be affordable. Would they
lead to yawning fiscal deficits which would in the end require a U-turn in policy with unemployment reappearing? This well-informed and original contribution to current policy debate faces up to these questions and considers what would be involved in a move to much lower levels of unemployment.
With the end of the post-war boom in the early 1970s, the world economy has experienced large scale unemployment. From an assumption that the unemployment problem had been solved, and that full employment could be maintained through demand management techniques, we now live in an entirely different world. Any suggestion of a return to full employment is met with questions of whether such a thing is possible, whether it would not lead to inflation or to excessive
trade union power, or in the case of individual economies to unsustainable balance of payment deficits. The contributors to this volume ask whether full employment policies would be affordable. Would they
lead to yawning fiscal deficits which would in the end require a U-turn in policy with unemployment reappearing? This well-informed and original contribution to current policy debate faces up to these questions and considers what would be involved in a move to much lower levels of unemployment.
Brian Reddaway: Foreword
Jonathan Michie: Introduction
Part I: Global Lessons and Prospects
1: Ajit Singh: Liberalization and Globalization: An unhealthy
euphoria
2: Robert Pollin and Elizabeth Zahrt: Expansionary Policy for Full
Employment in the United States: Retrospective on the 1960s and
current period prospects
3: John Eatwell: Effective Demand and Disguised Unemployment
Part II: Unemployment and Inequality
4: Roger Tarling and Frank Wilkinson: Economic Functioning,
Self-Sufficiency, and Full Employment
5: Brian Henry and Kevin Lee: Unemployment, Wage Dispersion, and
Labour Market Flexibility
6: Simon Deakin and Keith Ewing: Inflation, Economic Performance,
and Employment Rights
Part III: Pay and Employment Strategies
7: Peter Robinson: Is there a Pay Problem?
8: Geoff Harcourt: Economic Policy, Accumulation, and
Productivity
9: John Grieve Smith: Devising a Strategy for Pay
Part IV: Policies for Full Employment
10: Andrew Glyn: Paying for Job Creation
11: Michael Kitson, Jonathan Michie, and Holly Sutherland: A Price
Well Worth Paying?: The benefits of a full employment strategy
Index
`All the chapters reach a high standard.'
Labour Research
`This is a collection of papers which presents valuable and
original contributions to the current policy debate on balancing
employment levels, inflation and trade union power with acceptable
economic growth.'
Aslib Book Guide
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