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SIJMMAR Y AND CONCUJSTONS

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polloles t.h«iRelve8 . T h 1 s one was t. he f 1 r s t. t.1 a e 1 n wh i oh T.he oount.rles oeaseri to . coippt.e only on    t.he grounri of

International t.rade, and hegan to oonpet.e st.ra i ght.f orward 1 y in terna of iacro-po)1 ci ea.

(7) The oliwa te of slump generat.ed hy synohronlzed rest.r1ot.1ve na or o-po 1 1 o i es generat.ed a set. of negat.1ve feed- baoks In t.he natlonal d o m e s 1.1 o env1ron»ent.s. Su oh feed-haoks oan he sunnarlzeri as follows.

- Companles ohanged t.helr expeot.at. 1ons. Whlle unt.il t.hen they were qu1t. e oonfldent 1 n a relat.1 vel y high and snst.alned rat.e of growt.h affeot. 1ng qu 11.e homogeneously t.he d1 fferent seotors, t.helr sta te of oonf Idenoe on t.he generał business oyole hegan to he iwpalred. As a oonsequenoe of this, they st.art.eri to rely 1noreas1ngly only on t.he event.oal poslt.1 ve ftxpeot.flt.1ons oonnernlng t.helr speolflo business hranoh ! Th1s leci them to reduoe, or even revert., t.he expans1on of t.helr produot. 1ve oapaolty.

- This ' o o n pet. i 1.1 veness dr1 ve ' hrought. t.he firms t. o ariapt. t.helr produot. 1ve organ Izat. łon and t.eohnology t.o a morę oonpftt.it.1vft, unst.able and not. foreoast.able env1ronment. . Th1s produoeri a tendenoy to the red u ot. łon of t.he labo nr st.ook pert.alnlng t.o single flrns, t.o sub-oont.raot.1ng, t.o a searoh of flex1b1lłty based upon the externnl Izat.lon of many    of t.he    aot.1v1t.1es whloh were prev1ously

perfomftd włt.hłn    t.he flrns,    with t.he oontemporary

h u 1 1 d 1 n g u p of net. works of separata firms; t.o t.he arioptłon of labour sav1ng teohnologłes.

- The searoh for oompet. 1t. 1veness hrought employers t.o rerinoe labo nr oosts, not. only a ot. 1ng upon gross wages, but ais o t.hrongh t. he eroslon of labo u r st.andarris. This 1 np 1 1 ed a ohange of personnel st.rategles anri In the o 1 1 n a t. e of 1 ndust.r 1 a 1 relat. ions. The prooess was eased hy a weakenlng of labo u r n n 1 o n s ' st.rength, only part. 1 y dnft t.o growlng nnempl oyment..

There has been a st.rong, generał and non seleot. 1ve reaot.ion against. publlo seot.or aot.1v1t.1es. This enoompassed all of t.he st.at.e roles In the eoonony:    lal looat.ion , d 1 s t. rlbnt. łon anri

regli lat. łon. This reaot.ion found a fert.1 le ground In t.he growlng Inftff Idenoy anri 1 nef f eot 1 veness of many of t.he publlo aot.1v1t.1es, The reaot.ion t.enderi t.o t.ake t.he form of w1ld der egu 1 a 1.1 on    (also In the donaln of labo nr anri labo u r

narket.s; many    of    labour polloles anount.ed to bare

rieregn 1 a 1.1 on ) , anri of neasures a 1 ned at. rilsnant.ling welfare st.at.e prov1s1ons; norę In generał 11. produoeri a loss of sollriarłt.y anri ooordl natlon , anri a generał down-graril ng of ftt.hl n anri oult.nral att.1t ud es.

(8) The growlng 1 nef f eot. 1 veness of na oroeoo nom 1 o polloles, ooupled wlt.h    growlng unemp 1 oyment,    produoeri a st.ronger