Labour unions, public policy and economic growth

"This book presents a theoretical framework for unions which offers a unified treatment of the centralization of bargaining, the credibility of labour contracts, the unionization of labour markets and the relative bargaining power of the union. It assesses the microfoundations of bargaining and examines collective bargaining interacting with public policy, investment and growth, and international trade and specialization. In conclusion Professor Palokangas challenges the commonly held view that collective bargaining has a negative impact on economic welfare, and argues that, with the existence of market failure, collective bargaining can be welfare-enhancing."--BOOK JACKET.