By Anne Romanis Braun
Written via Anne Romanis Braun, a former employees member of the IMF's examine division, this quantity bargains with the character of salary decision and the matter of securing an economically applicable improvement of cash earning in an open economic climate over the medium time period.
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Extra resources for Wage Determination and Incomes Policy in Open Economies
Example text
Stabilization program during the period August 15, 1971 to April 30, 1974, see United States, Cost of Living Council, Economic Stabilization Program Quarterly Reports, 1971-74. See also Bosworth (1972) and (1974); Doeringer (1972); Weber (1973); Dunlop (1974a) and (1974b); Hamilton (1974); Mitchell and Weber (1974); and Pencavel (1981). 25 See Chapter 9. 23 ©International Monetary Fund. Not for Redistribution Chart 1 . Selected OECD Countries: Calendar of Direct Action on Prices and Incomes, 1970-73 ©International Monetary Fund.
The weakening of the motivation for wage restraint in these two situations was an important influence on wage bargaining attitudes and outcomes in the late 1960s and early 1970s. Policies of the Late 1960s and Early 1970s In the mid-1960s, stronger incomes policies were implemented by countries faced with severe balance of payments problems. K. 21 18 Economic Commission for Europe (1967, Chapter 1, p. 12). Organization for Economic Cooperation and Development (1971b, p. 36) 20 Fels (1972, Chapter 3); David C.
In the United Kingdom, the Conservative Government adopted stringent incomes policy measures late in 1972, both to suppress the consequences of a runaway monetary expansion that followed a liberalization of controls on the banking system and to counter the sharp deterioration in the wage bargaining climate after the passing of the Industrial Relations Act in 1971. 25 CHANGED CONTEXT FOR INCOMES POLICY The increased emphasis on controlling prices during this period reflected changes in the context in which incomes policies were 22 Berger (1973).