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Changing Context, Changing Framework

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Chapter Summary

Institutionalized non-market coordination creates a framework in which the price mechanism can function, allowing stakeholders to have a voice while keeping each other in balance. Coordination implied that different groups formally participated in the decision-making process. Apparently, non-market coordination was compatible with globalization. An important example of a coordinated policy answer in labor relations was the regulated introduction of more flexibility. Coordination (or non-market coordination) refers to a system of structured consultation in which economic actors need to consult each other. A coordinated effort to face environmental problems and increase sustainable development in energy use would require a regulated structure at European level, with a higher degree of international cooperation between labor unions and between civil society organization. Many new forms of liberalization were introduced, particularly in foreign direct investment and international business. Non-market coordination is a vital ingredient of the necessary checks and balances in a market economy.

Keywords: labor relations; liberalization; non-market coordination



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