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Joseph E. Stiglitz

Democratic Development as the Fruits of Labor

Joseph E. Stiglitz | World Bank Group | January 1, 2000

"Wage rigiditiesóoften the fruits of hard fought bargainingówere thought to be part of the problem facing many countries, contributing to their high unemployment; a standard message was to increase labor market flexibilityóthe not so subtle subtext was to lower wages and lay off unneeded workers. Even when labor market problems are not the core of the problem facing the country, all too often workers are asked to bear the brunt of the costs of adjustment." [more]

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