Performance in a Hostile World: Economic Growth in Capitalist Democracies, 1974–1982
Many recent studies argue that labor organization and government partisanship were important determinants of the economic performance of the advanced industrial democracies during stagflation. They do not, however, take into account the potential impact on performance of position in the international economy; the relationships reported may therefore be largely spurious. Even when the strong effects of international position, most notably the extent of dependence on imported sources of oil, were controlled for, domestic political structures remained powerful determinants of economic performance during stagflation. “Corporatist” political economies dominated by leftist governments in which labor movements were densely and centrally organized, and “market” political economies in which labor was much weaker and rightist governments were predominant, performed significantly better than the less coherent cases in which the power of labor was distributed asymmetrically between politics and the market.
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