Journal
SOCIO-ECONOMIC REVIEW
Volume 8, Issue 4, Pages 623-651Publisher
OXFORD UNIV PRESS
DOI: 10.1093/ser/mwq022
Keywords
economic development; labor market institutions; labor markets; economic systems; institutional complementarity; Latin America; J08 labor economics policies; J24 human capital; skills; occupational choice; labor productivity; O54 economywide country studies; Latin America; Caribbean
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In a comparative institutional or 'variety of capitalism' perspective, the distinctive traits of labour markets in Latin America differ in most respects from labour markets in developed countries. Moreover, there are strong economic complementarities among five core features of labour markets in Latin America: low skill levels, high labour regulation, short job tenure, a large informal sector, and small, politicized unions that lack plant level representation. While numerous and strong, economic complementarities among these five components do not tell the whole story, and we analyse additional political complementarities. This integrated perspective on the economic and political interactions helps explain continuities in labour markets in Latin America and their disappointing response in recent decades to market reform and globalization.
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