Abstract
This paper explores the economic case for international labour standards. Granting workers rights of free association and collective bargaining confers both static and dynamic economic efficiencies. Static efficiencies refer to one-time gains from improvements in economic practice. Dynamic efficiencies refer to gains from improvements to the growth path resulting from a shift away from a ‘low road’ development path to a ‘high road’ path. These efficiencies raise wages, employment and output in developing countries, and they can also benefit workers in developed countries. Labour standards are an institutional mechanism for raising the quality of growth in both developing and developed countries. In this sense, they are a ‘win‐win’ institution.
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