ISBN : 9780198717966
This book analyzes the interaction of European social models - the institutions structuring labor markets' supply side - and their turbulent macroeconomic environment from the deep Europe-wide recession, ending Germany's post-unification boom, through monetary union's establishment, to the Great Recession following the recent financial crisis. The analysis reaches two conclusions challenging the dominant view that the social models caused unemployment by impairing labor markets' efficiency in the name of equity. First, the social models' employment and distributive effects are far outweighed by their macroeconomic environment, especially in the Eurozone, where its truncated structure of economic governance transformed the Great Recession into a sovereign debt crisis. Second, instead of a trade-off between efficiency and equity, the employment effects of counteracting markets' tendency to generate inequality depends on the macroeconomic conditions under which it occurs and how it is done.
1: Jon Erik Dolvik and Andrew Martin: Introduction 2: Andrew Martin: Eurozone Economic Governance: "A Currency Without a Country" 3: Wendy Carlin, Anke Hassel, Andrew Martin and David Soskice: The Transformation of the German Model 4: Jacques le Cacheux and George Ross: France in the Middle 5: Ken Mayhew and Mark Wickham-Jones: The United Kingdom's Social Model: From Labour's New Deal to the Economic Crisis and the Coalition 6: Sofia Perez and Martin Rhodes: The Evolution and Crises of the Social Models in Italy and Spain 7: Alexandre Afonso and Jelle Visser: The Liberal Road to High Employment and Low Inequality? The Dutch and Swiss Social Models in the Crisis 8: Jon Erik Dolvik, Jorgen Goul Andersen, and Juhana Vartiainen: The Nordic Social Models in Turbulent times: Consolidation and Flexible Adaptation 9: Torben Iversen and David Soskice: Redistribution and the Power of the Advanced Nation State: Government Responses to Rising Inequality 10: Erling Barth and Karl Ove Moene: When Institutions Reciprocate: Turning European Social Models Around 11: Jon Erik Dolvik and Andrew Martin: From Crisis to Crisis: European Social Models and Labor Market Outcomes in the Era of Monetary Integration 12: Andrew Martin and Jon Erik Dolvik: Conclusion