The Wassenaar Agreement (not to be confused with the Wassenaar Arrangement) 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 groundbreaking agreement, setting the tone for later social pacts in many European countries".
Famous quotes containing the word agreement:
“The methodological advice to interpret in a way that optimizes agreement should not be conceived as resting on a charitable assumption about human intelligence that might turn out to be false. If we cannot find a way to interpret the utterances and other behaviour of a creature as revealing a set of beliefs largely consistent and true by our standards, we have no reason to count that creature as rational, as having beliefs, or as saying anything.”
—Donald Davidson (b. 1917)