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Is Full Employment Possible Under Globalization? (revised)

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  • Robert Pollin

Abstract

To honor the life work of Professor Sumner Rosen, this lecture examines approaches to promoting full employment at decent jobs within our contemporary era of globalization. The lecture briefly summarizes the theories of unemployment of Marx, Friedman, Keynes and Kalecki. It then addresses the meaning of full employment within the alternative theories and under different historical and country settings. It next considers the issue of the inflation/unemployment trade-off, and the Meidner-Rehn Swedish approach to inflation control under full employment. It concludes by presenting a sketch of something approximating a full employment program for the contemporary U.S. economy, focusing on ending the Iraq war and reallocation public spending toward health care, education, and green growth.

Suggested Citation

  • Robert Pollin, 2008. "Is Full Employment Possible Under Globalization? (revised)," Working Papers wp141, Political Economy Research Institute, University of Massachusetts at Amherst.
    • Handle: RePEc:uma:periwp:wp141
    as

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    File URL: https://per.umass.edu/fileadmin/pdf/working_papers/working_papers_101-150/WP141.pdf
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    References listed on IDEAS

    as
    1. Heidi Garrett-Peltier & Robert Pollin, 2007. "The Employment Effects of Downsizing the U.S. Military," Working Papers wp152, Political Economy Research Institute, University of Massachusetts at Amherst.
    2. Rudolf Meidner, 1998. "The Rise and Fall of the Swedish Model," Challenge, Taylor & Francis Journals, vol. 41(1), pages 69-90, January.
    3. Robert Pollin & Mwangi wa Githinji, 2008. "An Employment-Targeted Economic Program for Kenya," Books, Edward Elgar Publishing, number 13219.
    4. A. W. Phillips, 1958. "The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957," Economica, London School of Economics and Political Science, vol. 25(100), pages 283-299, November.
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    Cited by:

    1. Muhammed Muqtada, 2018. "Working Paper 115 – Macroeconomic Policy, Price Stability and Inclusive Growth in Bangladesh," CPD Working Paper 115, Centre for Policy Dialogue (CPD).

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    More about this item

    Keywords

    full employment; globalization; theories of unemployment; inflation;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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