Jump to ContentJump to Main Navigation
Flexicurity CapitalismFoundations, Problems, and Perspectives$
Users without a subscription are not able to see the full content.

Peter Flaschel and Alfred Greiner

Print publication date: 2012

Print ISBN-13: 9780199751587

Published to Oxford Scholarship Online: May 2012

DOI: 10.1093/acprof:oso/9780199751587.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in OSO for personal use (for details see www.oxfordscholarship.com/page/privacy-policy).date: 17 June 2019



(p.197) 5 Conclusions
Flexicurity Capitalism

Peter Flaschel

Alfred Greiner

Oxford University Press

The conclusions summarize the main results. In particular, neither the Marx' reserve army mechanism nor mass unemployment as a disciplining device, as in Kalecki's work, are necessary for the functioning of a capitalistic system. The introduction of minimum and maximum real wages can attenuate the negative consequences of booms and recessions provided that markets, including the labor market, are sufficiently flexible implying that employers must not be constrained in their hiring and firing decisions. Further, lower and upper bounds for real wages can be seen as one ingredient of a flexicurity economy that intends to overcome the conflict between capital and labor. Thus, flexicurity capitalism can be considered as a Western type of competitive socialism, as envisaged by Schumpeter, that does not only successfully solve the coordination problem but also the incentive problem in the principal-agent scenario.

Keywords:   reserve army mechanism, flexicurity, competitive socialism, coordination problem, minimum wages

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .