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European Social Models From Crisis to CrisisEmployment and Inequality in the Era of Monetary Integration$
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Jon Erik Dølvik and Andrew Martin

Print publication date: 2014

Print ISBN-13: 9780198717966

Published to Oxford Scholarship Online: January 2015

DOI: 10.1093/acprof:oso/9780198717966.001.0001

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From Crisis to Crisis

From Crisis to Crisis

European Social Models and Labor Market Outcomes in the Era of Monetary Integration1

Chapter:
(p.325) 11 From Crisis to Crisis
Source:
European Social Models From Crisis to Crisis
Author(s):

Jon Erik Dolvik

, Andrew Martin
Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198717966.003.0011

This comparative chapter summarizes findings on how changes in social models interacted with economic conditions and policies to influence employment and inequality. Contrary to the dominant supply-side perspective, there is no necessary trade-off between equality and jobs.. Job growth clearly depends on the interaction between the supply and demand sides of the labor market. Where demand was insufficient, “structural reforms” brought more inequality than jobs, whereas income inequality receded in cases with strong employment growth, especially when supported by policies to upgrade skills and increase female participation. Employment performance was generally stronger outside than inside EMU, where “internal devaluation” is the main adjustment tool left, and the flaws in EMU’s design drove divergence between core and periphery. Irrespective of social models, surging unemployment and inequality during the Euro-crisis, and the EU response to it by austerity and “structural reform,” portends deepening social cleavages within and across European countries.

Keywords:   crisis, unemployment, employment, inequality, social models, economic conditions, economic policies, demand-side interactions, supply-side interactions

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