Against the backdrop of the debate on European pay bargaining, this article investigates the central claims of the literature on national pay policies and critically evaluates the macroeconomic studies of bargaining structure and economic performance. It is argued that structural changes in the world economy, including the slowdown in productivity growth, the process of internationalization and sectoral shifts in employment, threaten to destabilize industrial relations systems characterized by highly centralized mechanisms of pay-fixing, and that policy proposals that favour a concerted shift towards more corporatist arrangements are unlikely to be feasible.
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