By Torben Iversen
In response to the main concept that social defense in a latest financial system, either inside and out the country, may be understood as safety of particular investments in human capital, Torben Iversen deals a scientific clarification of renowned personal tastes for redistributive spending, the commercial position of political events and electoral platforms, and hard work industry stratification (including gender inequality). opposite to the preferred concept that festival within the worldwide financial system undermines overseas modifications within the point of social defense, Iversen argues that those adjustments are literally made attainable by way of a excessive overseas department of labor.
positive aspects
• deals a accomplished political economic system method of the research of the welfare nation and inequality
• Auitable for educating either complicated undergraduate and graduate courses
• Mixes methodologies (mathematical modeling, econometrics, and case-oriented research) and increases new questions on social coverage and globalization
Read or Download Capitalism, Democracy, and Welfare (Cambridge Studies in Comparative Politics) PDF
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Additional info for Capitalism, Democracy, and Welfare (Cambridge Studies in Comparative Politics)
Sample text
One of the difficulties of quantifying the specificity of skills is that wage and social protection systems are set up to reduce the riskiness of specific skills. Skill certification and wage standardization by skill categories, for example, are ways for unions to prevent individual workers from experiencing large drops in income. Variability of wages is therefore not an indicator of asset specificity. Chapter 3 goes to considerable length in developing alternative measures of skill specificity and to tie such specificity to social policy preferences.
Even when basic property rights are well protected, investments vary significantly in the degree of their asset specificity. When investors cannot trust suppliers or employees on whose cooperation they depend, they will shun investments in relationspecific assets and rely instead on anonymous market transactions where one supplier or employee can easily be replaced by another. Conversely, when investments in physical assets are specific to a particular location, supplier network, or employee relationship, firms are more prone to lobby the state for protection against uninsurable risks (Frieden 1991; Alt et al.
The skill system is also related to the wage-setting system, which strongly affects the earnings distribution. This helps explain why welfare production regimes are linked to wage dispersion. Second, demand for insurance against social risks leads to significant redistribution of income through the welfare state, and redistributive pressures are accommodated by their insurance benefits. This helps explain why the welfare state is so broadly supported in some countries, despite modest levels of inequality.