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Globalization and the New Politics of Embedded Liberalism$
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Jude Hays

Print publication date: 2009

Print ISBN-13: 9780195369335

Published to Oxford Scholarship Online: September 2009

DOI: 10.1093/acprof:oso/9780195369335.001.0001

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Trade and Employment Volatility in Corporatist and Competitive Labor Markets

Trade and Employment Volatility in Corporatist and Competitive Labor Markets

(p.65) 3 Trade and Employment Volatility in Corporatist and Competitive Labor Markets
Globalization and the New Politics of Embedded Liberalism

Jude C. Hays (Contributor Webpage)

Oxford University Press

This chapter argues that because of important cross-national differences in domestic political and economic institutions, the severity of Rodrik's globalization dilemma varies across countries. In particular, the degree to which globalization increases demands for protection depends on how, and the extent to which, shocks in international commercial markets are transmitted to domestic labor markets. The chapter is organized as follows. The first section discusses some of the new challenges to corporatism and how corporatist institutions have evolved in response to them. The second section theoretically examines how trade affects labor market volatility in both competitive and corporatist systems—a topic that gets relatively little attention in the literature. It then turns to the empirical relationships between trade, employment, and labor market volatility. The final section reviews the broader literature on the comparative economic performance of national labor markets throughout the OECD, focusing primarily on the issue of wage inequality.

Keywords:   globalization, labor market volatility, trade, protectionism, corporatism, employment, wage inequality

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