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 doctrine of those who have denied that certainty could be attained at all, has some agreement with my way of proceeding at the first setting out; but they end in being infinitely separated and opposed. For the holders of that doctrine assert simply that nothing can be known; I also assert that not much can be known in nature by the way which is now in use. But then they go on to destroy the authority of the senses and understanding; whereas I proceed to devise helps for the same.”
—Francis Bacon (1560–1626)