Privatization, Liberalization, Wages and Employment: Theory and Evidence for the UK

Jonathan E. Haskel · Stefan Szymanski

109 citations0/0 files storedEconomica

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Labor market dynamics and wage inequality Labor Movements and Unions Political and Economic history of UK and US

Abstract

Most agency-based privatization models are of the owner/manager relation and ignore the labor market. Yet in the 1980s there were profound changes in public sector and privatized firms to wages and employment. The authors develop a bargaining model of the manager/workforce relation that explains employment and wages when firms are privatized, government objectives become more commercial, and markets are liberalized. Using data on fourteen U.K. companies, 1972-88, that were publicly owned in 1972, the authors find: (1) employment fell following the change to more commercial objectives; and (2) wages were only slightly affected by this, but fell if the firm lost market power. Copyright 1993 by The London School of Economics and Political Science.

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References

1986The theory and practice of econometrics 1981The Political Economy of Benefits and Costs: A Neoclassical Approach to Distributive Politics 1992Wage bargaining and employment 1984Investment and Wages in the Absence of Binding Contracts: A Nash Bargaining Approach 1987Dynamic models of labour demand 1989Design of regulatory mechanisms and institutions 1987British Workplace Industrial Relations 1980–1984 1980Strategic Firm Behavior under a Dynamic Regulatory Adjustment Process

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