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The authors present important research showing that corporatist institutions generate smaller non-competitive wage differentials than a decentralized system. A theoretical explanation is developed based on the hold-up problem in investments, arguing that corporatist institutions solve the problem by specifying ex ante nominal contracts that remove the necessity of ex post bargaining over the surplus of an employment relationship. The authors also argue that such institutions allow sufficient flexibility to accommodate aggregate shocks, even more so than decentralized systems. Corporatism or Competition? is the first book to bring together the mass of research on comparative wage differences, wage movements and employment behaviour in different countries with different institutional frameworks, in an organized and coherent fashion.

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Book Details

ISBN: 9780521590730
ISBN-10: 0521590736
Format: Hardback
(228mm x 152mm x 24mm)
Pages: 364
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 17-Sep-1998
Country of Publication: United Kingdom

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Books By Author Coen Teulings

Corporatism or Competition? by Coen Teulings

Corporatism or Competition?

Paperback, December 2007