International Journal of Labour Research 2011 Vol. 3 Issue 1

Crisis: Causes, prospects and alternatives

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International Journal of Labour Research Geneva, International Labour Office, 2011 ISSN 2076-9806 income distribution / incomes policy / economic policy / economic recession / EU countries / financial market / financial system / banking / capital flow / globalization / full employment / decent work / poverty alleviation / fiscal policy / macroeconomics / developed countries / developing countries / trade union role / worker rights / precarious employment / economic and social development / employment / economic conditions / Brazil / Mexico / balance of payments / monetary policy / indebtedness / balance of trade / unemployment / EMU / household income / 13.06.3

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Photocomposed in Switzerland WEI Printed in Switzerland SRO International Journal of Labour Research 2011 Contents Vol. 3 Issue 1

5 Preface Dan Cunniah 7 Editorial Pierre Laliberté 15 A labour agenda for change Michael Sommer 21 The Great Slump: What next? Robert H. Wade 51 Redistribution, global imbalances and the financial and economic crisis: The case for a Keynesian New Deal Eckhard Hein 75 Macroeconomic policy for “ full and productive employment and decent work for all”: An overview Iyanatul Islam 97 The crisis in the euro area Trevor Evans

3 International Journal 115 of Labour Research Diverging paths in development: Brazil and Mexico Carlos Salas and Anselmo dos Santos 2011 Vol. 3 Issue 1 133 Making an unstable financial system work: Reform options Hansjörg Herr

4 International Journal of Labour Research 2011 Preface Vol. 3 Dan Cunniah Issue 1 Director, Bureau for Workers’ Activities International Labour Office

he crisis of 2008 revealed the fault lines in the world economy for all to Tsee. Three decades of a social experiment with radical market-oriented policies have