Article

Labor Markets in Latin America and the Caribbean

Pablo Egaña and Alejandro Micco

in The Oxford Handbook of Latin American Political Economy

Published in print May 2012 | ISBN: 9780199747504
Published online November 2012 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780199747504.013.0022

Series: Oxford Handbooks

 Labor Markets in Latin America and the Caribbean

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This article is organized as follows. Section 2 shows the evolution of output and labor markets during the last decades in Latin America. Section 3 presents labor market reforms during this period. It provides some evidence that informality and inflation drove labor markets in the 1980s, reducing the urgency to reform them. In particular it shows how inflation, unions, and privatization worked to slow down the process of executing labor market reforms in LAC. The section then presents evidence of how labor markets reacted to Washington Consensus reforms: mainly an increase of informality in the economy. An important point in this section is to establish that the above conclusion was made based on the “insider and outsider” theory. Section 4 describes the vicious circle generated by highly regulated labor markets and informality.

Keywords: labor market reforms; inflation; informality; labor unions; privatization; labor policy

Article.  9312 words. 

Subjects: Economics ; Labour and Demographic Economics ; Public Economics

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