- Social Protection and the Formation of Skills: A Reinterpretation of the Welfare State
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- by Estévez-Abe, Margarita; Iversen, Torben
- Social protection does not always mean "politics against markets." In this chapter we argue, as did Polanyi (1994), that social protection rescues the market from itself by preventing market failures. More specifically, we contend that social protection aids the market by helping economic actors overcome market failures in skill formation. We show, in this chapter, that different types of social protection are complementary to different skill equilibria.
- Publication Type: Book Chapter
- Published Date: January 2001
- Field of Interest: Political Economy
- Estévez-Abe, Margarita, Torben Iversen, and David Soskice. "Social Protection and the Formation of Skills: A Reinterpretation of the Welfare State." In Varieties of Capitalism: The Institutional Foundations of Comparative Advantage edited by Peter Hall and David Soskice. London: Oxford University Press, 2001.