Theory, Evidence, and Policy
Chapter 3: Full Employment Capitalism through an Employer of First Resort
3. Full Employment Capitalism through an Employer of First Resort 3.1 Introduction Flexicurity is a combination of ﬂexibility and security in working arrangements. The concept is a response to the needs European labour markets are facing. On the one hand, the EU has to come to terms with changes in the world economy. ... Jobs change more quickly than before. On the other hand, the EU needs to reinforce the European social models, which are committed to social protection, social cohesion and solidarity. Workers .... need good social protection in case a new job is not easily at hand or when employment is no longer a realistic option. Flexicurity is an attempt to unite these two fundamental needs. It promotes a combination of ﬂexible labour markets and adequate security. Flexicurity can also help provide an answer to the EU’s dilemma on how to maintain and improve competitiveness whilst reinforcing the European social model. Flexicurity does not mean ‘hire and ﬁre’ .... . ‘External ﬂexicurity’ attempts to oﬀer safe moves for workers from one job into another, and good beneﬁts to cover the time span, if needed. Rather than job security, ﬂexicurity focuses on ‘employment security’. Employment security means staying in employment ... . The philosophy behind ﬂexicurity is that workers are more prepared to make ... moves if there is a good safety net. EU Member States have recognised that they need to develop innovative policies to help people stay in employment whilst ensuring that companies remain competitive on the global stage. .... The European Commission...
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