Wassenaar Agreement
Encyclopedia
The Wassenaar Agreement was an agreement reached in 1982 between employers organisations and labor unions in the Netherlands
to restrain wage growth in return for the adoption of policies to combat unemployment
and inflation, such as reductions in working hours and the expansion of part-time employment. The agreement has been credited with ending the wage-price spiral of the 1970s, greatly reducing unemployment and producing strong growth in output and employment. .. The International Labor Organization describes the Wassenaar as "a ground breaking agreement, setting the tone for later social pacts in many European countries."
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
to restrain wage growth in return for the adoption of policies to combat unemployment
Unemployment
Unemployment , as defined by the International Labour Organization, occurs when people are without jobs and they have actively sought work within the past four weeks...
and inflation, such as reductions in working hours and the expansion of part-time employment. The agreement has been credited with ending the wage-price spiral of the 1970s, greatly reducing unemployment and producing strong growth in output and employment. .. The International Labor Organization describes the Wassenaar as "a ground breaking agreement, setting the tone for later social pacts in many European countries."