McKelvey, Jean Trepp
October 1952
Industrial & Labor Relations Review;Oct52, Vol. 6 Issue 1, p3
Academic Journal
This article focuses on the issue of trade union wage policy in postwar Britain. It was learned that Sir William Beveridge pointed out the responsibilities which would confront trade unions in an environment of full employment. Based on a theoretical point of view, for full employment to be adopted as a major governmental policy in time of peace, Beveridge reasoned that a change in the economic order would require other institutional adjustments. On the issue of collective bargaining, he pointed out that there is a danger that sectional wage bargaining pursued without regard to its effects upon prices, may lead to a vicious spiral of inflation. The relative stabilization of the price level through subsidies and price control helped to the success of the policy of wage restraint. The presence of the Labour Government also contributed to the success of the policy.


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