Abstract
The initial stimulus for understanding the relationship between wage bargaining institutions and economic performance came from political scientists in the late 1970s. Schmitter's classic article, 'Still the Century of Corporatism [1979], sparked extensive literature on corporatism. Some notable contributions from both economists and political scientists include: Olson [1982], Goldthorpe [1984], Bruno and Sachs [1985], Katzenstein [1985], Tarantelli [1986], and Calmfors and Driffil [1988]. These authors argued that corporatism-in which centralized organizations of workers and employers coordinate policy formulation-is conducive to good economic performance. This is particularly so in the case of labor market performance. The positive relationship between centralized bargaining and labor market performance is attributed to the following set of factors. Centralized trade unions and employers' organizations represent encompassing interests. Hence, they are concerned with the question of macroeconomic viability. Consequently, wage restraint
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