
European Trade Union Institute Bd du Roi Albert II, 5 1210 Brussels Belgium Tel.: +32 (0)2 224 04 70 Fax: +32 (0)2 224 05 02 [email protected] www.etui.org Exiting from the crisis: towards a model of more equitable and sustainable growth Edited by David Coats Exiting from the crisis: “The challenges facing governments, our societies and our economies are enor- mous. We may have pulled back from the brink at which we stood in the fall of towards a model of more 2008, but we (…) cannot claim victory until unemployment is brought down to where it was before the crisis, and until the real incomes of workers (…) have made equitable and sustainable up for the losses that have been suffered in the interim. We can do it – but only if we correct the mistakes of the past, change course and keep in mind the true growth objectives for which we should be striving.” (From the Preface by Nobel Prize laureate Joseph Stiglitz) — Edited by This publication takes up the challenge of developing progressive alternatives to David Coats the failed neo-liberal model that has dominated economic policy for over three a model towards from the crisis: Exiting equitable and sustainable growth of more by David Coats Edited decades. It contains contributions from some 30 authors, all with links to the global labour movement, that analyse the causes and implications of the crisis and propose alternative ways toward more equitable and sustainable models of growth. A comprehensive approach is taken and the topics addressed include: the need for a new approach to macroeconomic policy to promote strong and stable growth and high employment; developing alternative welfare measures to GDP; how to re-regulate financial markets so that they serve the real economy; a development model for the global South; a new approach to labour markets that ensures that they deliver decent jobs and promote greater equality; the need for a comprehensive set of policies to make economic activity ecologically sustainable. Price : € 20 D/2011/10.574/17 ISBN: 978-2-87452-218-5 ............ ............ 9 782874 522185 Exiting from the crisis: towards a model of more equitable and sustainable growth Exiting from the crisis: towards a model of more equitable and sustainable growth Report of a trade union task force — Edited by David Coats European Trade Union Institute (ETUI) Brussels, 2011 © Publisher: ETUI aisbl, Brussels All rights reserved Print: ETUI Printshop, Brussels D/2011/10.574/17 ISBN: 978-2-87452-218-5 The ETUI is fi nancially supported by the European Union. The European Union is not responsible for any use made of the information contained in this publication Contents Joseph Stiglitz Preface ................................................................................................................................................9 Sharan Burrow, John Evans and John Monks Foreword to the report of the trade union task force ..............................................17 David Coats Towards a new growth model: introduction..................................................................19 I Measuring economic performance and social progress John Evans and Anousheh Karvar Measuring economic performance and social progress ..........................................27 II The failure of market fundamentalism and the case for a new approach Raymond Torres Incomplete responses to the Great Recession: costs and policy implications ...............................................................................................37 Peter Bakvis What should replace the Washington Consensus? ....................................................47 Exiting from the crisis: towards a model of more equitable and sustainable growth 5 Contents III Balancing growth between major economic regions at levels consistent with full employment Thomas I. Palley A new approach to growth ....................................................................................................55 Andrew Watt Europe ..............................................................................................................................................61 Kwabena Nyarko Otoo Africa................................................................................................................................................67 Patuan Samosir Asia ...................................................................................................................................................71 Adhemar Mineiro Latin America ...............................................................................................................................75 Thomas I. Palley USA ...................................................................................................................................................79 David Coats Assessing the policies ..............................................................................................................87 IV New development models – lessons from the South James Howard A trade union approach to development and growth ..............................................95 Adhemar Mineiro A view from Latin America ................................................................................................. 103 Esther Busser A new industrial policy growth paradigm for developing countries.............. 107 Sharan Burrow The Global Jobs Pact – a prescription for recovery ................................................ 111 6 Exiting from the crisis: towards a model of more equitable and sustainable growth Contents V Monetary and fi scal policy tools Andrew Watt Monetary and fi scal policy tools ..................................................................................... 115 VI Financial regulation and taxation Pierre Habbard, with David Coats and Andrew Watt The regulation of fi nancial markets ............................................................................... 127 Pierre Habbard Tax systems that work for distributive justice and public services ................ 135 VII Fair and effi cient labour markets and decent work policies Robert Kuttner A model of fair and inclusive labour markets ........................................................... 143 David Coats Flexible vs. inclusive labour markets ............................................................................. 151 Andrew Jackson and Rory O’Farrell Narrowing income inequality ............................................................................................ 159 Jim Baker The rise of precarious work ................................................................................................ 169 Frank Hoff er International Labour Standards: safeguards for an open world economy .............................................................................................................. 177 Thomas Carlen Adapting the Nordic Model ............................................................................................... 189 Claire Courteille Putting work/family reconciliation policies on the agenda of a post-neoliberal era ................................................................................................................. 197 Exiting from the crisis: towards a model of more equitable and sustainable growth 7 Contents Roland Schneider Skills: beyond the supply side ........................................................................................... 203 VIII A sustainable model of growth Sigurt Vitols The sustainable company: a key element of the new growth model? .......... 213 Tim Page The case for a modern industrial policy ....................................................................... 221 Sébastien Dupuch Quality public services for fair and sustainable growth ..................................... 227 Anabella Rosemberg and Lora Verheecke Green growth and the need for a paradigm shift : challenges for achieving social justice in a resource-limited world .............................................. 235 Béla Galgóczi Green jobs and the green transition .............................................................................. 243 IX Conclusions Ron Blackwell and David Coats Conclusions ................................................................................................................................ 257 Bibliography .............................................................................................................................. 271 Contributors ............................................................................................................................... 279 8 Exiting from the crisis: towards a model of more equitable and sustainable growth Preface Even before the crisis, as the chapters in this book point out, there were several alternative forms of market economy, with different policy frame- works. While in most metrics, the Nordic model delivered better performance over longer periods of time than alternative models, including the American model, there was an active policy debate: could the Nordic model apply to countries with markedly different circumstances? Could it compete in delivering high levels of innovation over an extended period of time? The crisis has called into question the strengths and weaknesses of various models, and the criteria by which we evaluate alternative policy frameworks. The broad landscape of issues and countries examined in this book provides a vital background for the reassessments that are, and should be, going on in countries, all over the world.
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