Wage-Setting Institutions and Economic Growth
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Fields, Gary S.; Wan, Henry Jr.
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 export-led growth, has resulted in rapidly rising real wages in the context of full employment in the Asian economies. The Latin American economies have done less well.
wage determination; employment; Asia; Latin America
Required Publisher Statement: © Elsevier. Final version published as: Fields, G. S., & Wan, H. (1989). Wage-setting institutions and economic growth. World Development, 17(9), 1471-1483. doi: 10.1016/0305-750X(89)90087-9 Reprinted with permission. All rights reserved.