Wage-setting institutions and economic growth

Wage-setting institutions in several Asian and Latin American economies are compared and contrasted. The Asian economies have relied more on market wage determination, whereas the Latin American economies have encouraged institutions which push wages in key sectors up above market-clearing levels. M...

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Bibliographic Details
Published inWorld development Vol. 17; no. 9; pp. 1471 - 1483
Main Authors Fields, Gary S., Wan, Henry
Format Journal Article
LanguageEnglish
Published Oxford, Eng Elsevier Ltd 01.09.1989
Elsevier
Pergamon Press
Pergamon Press Inc
SeriesWorld Development
Subjects
Asia
Collective labor agreements
Crosscultural Analysis
Economic conditions
Economic Development
Economic Growth
Economics
Latin America
Organization
Regulation
Wage & price controls
Wage determination
Wage-price policy
Wages
Wages and salaries
Asia
Latin America
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Summary:Wage-setting institutions in several Asian and Latin American economies are compared and contrasted. The Asian economies have relied more on market wage determination, whereas the Latin American economies have encouraged institutions which push wages in key sectors up above market-clearing levels. Market wage determination, combined with exportled growth, has resulted in rapidly rising real wages in the context of full employment in the Asian
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ISSN:0305-750X
1873-5991
DOI:10.1016/0305-750X(89)90087-9