Cover -- Preface -- Contents -- Abbreviations -- Acknowledgements -- INTRODUCTION -- PART I. CRISIS RESPONSES : INTERNATIONAL AND REGIONAL PERSPECTIVES -- 1. Responding to the global crisis: Achievements and pending issues -- 1.1 Introduction -- 1.2 Economically inefficient income inequalities -- 1.3 Responding to the crisis without properly addressing its root causes: Benefits, limitations and costs -- 1.4 Key policy priorities -- 1.5 Conclusions -- 2. Explaining Latin America's robust recovery from the crisis -- 2.1 Introduction -- 2.2 Pre-crisis macro-foundations -- 2.3 F actors external to the region -- 2.4 Role of labour market policies -- 2.5 What do we understand by countercyclical policy? -- 2.6 Rediscovering the domestic market -- 2.7 Conclusions -- 3. Recovery, job quality and policy priorities in developing Asia -- 3.1 Introduction -- 3.2 Recent developments -- 3.3 Labour market recovery -- 3.4 Policy priorities for the recovery and beyond -- 3.5 Conclusions -- 4. The labour marketin the Arab States: Recent trends, policy responses and future challenges -- 4.1 Introduction -- 4.2 Labour market trends -- 4.3 Crisis transmission channels -- 4.4 Selected policy responses -- 4.5 Key challenges -- 4.6 Conclusions -- PART II. POLITICAL ECONOMY OF CRISIS RESPONSES -- 5. Post-crisis macroeconomics and least developed countries: A way forward -- 5.1 Introduction -- 5.2 The standard macroeconomic framework and its contested role in the LDC growth revival of the 2000s -- 5.3 A ligning macroeconomic policies with the twin goals of job creation and poverty reduction in LDCs: Some suggestions -- 5.4 Conclusions -- 6. The politics of economic adjustment in Europe : State unilateralism or social dialogue? -- 6.1 Introduction -- 6.2 Social dialogue: A key component of crisis recovery strategy in 2008-2009.

6.3 Fiscal consolidation measures adopted since 2010 and the dangers of financial-market-driven decision-making -- 6.4 Austerity measures adopted since 2010 and their social impact -- 6.5 Conclusions -- 7. Labour reforms in Romania -- 7.1 Introduction -- 7.2 Labour reforms as a response to the 2008 crisis -- 7.3 Past economic performance provides no grounds for reform -- 7.4 Romania in the global economic crisis -- 7.5 Conclusions -- PART III. EMPLOYMENT RECOVERY WITH QUALITY JOBS -- 8. Employment-led growth and growth-led employment in the recovery -- 8.1 An admittedly imperfect taxonomy: Is the demand for labour derived or self-created? -- 8.2 "Employment-led growth" in its context -- 8.3 Employment deriving from demand when the demand is too little or is satisfied with fewer jobs -- 8.4 An application of the foregoing discussion: Taking employment seriously through setting employment targets -- 8.5 Conclusions -- 9. What has happened to Okun's law in the United States and Europe?Insights from the global financial and economic crisis and long-term trends -- 9.1 Introduction -- 9.2 Unemployment dynamics in OECD countries: Insights from Okun's law -- 9.3 What is the role of labour market institutions in explaining differences in Okun's law? -- 9.4 Conclusions -- 10. The fiscal stimulus packagein Indonesia and its impacton employment creation -- 10.1 Introduction -- 10.2 Impact of the stimulus package on sectors and household income -- 10.3 Impact of infrastructure investment on the economy and employment -- 10.4 Conclusions -- PART IV. ACHIEVING INCOME-LED GROWTH -- 11. Wages and economic crisis: Towards a new perspective on wages, productivity and economic growth -- 11.1 Introduction -- 11.2 Wages and economic crisis: A global overview -- 11.3 A new perspective on wages, productivity and economic growth: The potential of "wage-led" growth.

11.4 Conclusions -- 12. Social security: Three lessons from the global crisis -- 12.1 Introduction -- 12.2 Lessons from the crisis -- 12.3 Policy implications and research gaps -- 13. Income-led growth as a crisis response: Lessons from Brazil -- 13.1 Introduction -- 13.2 Brazil before the global crisis -- 13.3 The global crisis and Brazil -- 13.4 Conclusions -- PART V. REBALANCING GLOBALIZATION -- 14. The trade and financial crisis in India and South Africa -- 14.1 Introduction -- 14.2 Data and method -- 14.3 Country-level employment results -- 14.4 Gender bias results -- 14.5 Income inequality results -- 14.6 Conclusions -- Appendix -- 15. The role of international labour standards in rebalancing globalization : A legal perspective -- 15.1 Introduction -- 15.2 International labour standardsIn the context of the crisis -- 15.3 The protection of workers in the informal economy: Current trends -- 15.4 Labour provisions in preferential trade agreements: Addressing knowledge gaps -- 15.5 Conclusions -- 16. The future of finance: Scenarios of financial sector reforms and their labour market implications -- 16.1 Introduction -- 16.2 The political economy of financial sector reforms -- 16.3 Reform scenarios and their consequences for the real economy -- 16.4 Conclusions -- Appendix -- BIBLIOGRAPHY -- Figures -- Figure 1.1 Budgeted cost of crisis-related labour market measures, selected countries (percentage of GDP) -- Figure 2.1 Latin America: GDP growth and unemployment rates,2004-2010 (percentages) -- Figure 2.2 Latin America: Export value variation rates according to volume and price contributions, 2010 -- Figure 3.1 Industrial production growth, selected countries, 2008-2010 -- Figure 3.2 Trends in employment, selected countries, 2008-2010 (Q3 2008 = 100) -- Figure 3.3 Trends in unemployment, selected countries, 2008-2010.

Figure 3.4 Share of vulnerable employment in total employment, selected countries, 2008 and 2010 -- Figure 3.5 Share of employment in services in total employment, selected countries, 2008 and 2010 -- Figure 3.6 Total public social protection spending as a proportion of GDP, by region -- Figure 3.7 Global competitiveness and infrastructure rankings, selected countries, 2009-2010 -- Figure 3.8 Credit information coverage in East Asia and the Pacific -- Figure 4.1 Changes in productivity, by region, 2000-2010 -- Figure 4.2 Middle East and North Africa: Labour force growth, 1980-2020 -- Figure 4.3 Total number of unemployed with unemployment benefits (contributory and non-contributory), regional estimates, 2009 -- Figure 5.1 Least developed countries: Growth and inflation volatility, by region, 1980s-2000s -- Figure 5.2 International Monetary Fund policy statements on 30 low-income countries and 20 middle-income countries, frequency distribution, 2011 -- Figure 5.3 The "fiscal diamond" -- Figure 5.4 Public investment in least developed countries, Africa and Asia, 1970-2008 -- Figure 5.5 L east developed countries: Inflation and the Food Price Index, 2000-2009 -- Figure 5.6 Least developed countries: Interest rates, by region, 1980s-2000s -- Figure 6.1 Pressure of financial markets: The evolution of credit default swaps (CDS), selected European countries, January-December 2010 -- Figure 8.1 Vulnerable employment shares, by region, 1996 and 2006 -- Figure 8.2 Increase in employment associated with a 1 per cent increase in GDP, selected Asian countries, 1980s and 1990s -- Figure 9.1 Relationship between output and unemployment rates, United States and other OECD countries, changes 2008-2009 -- Figure 9.2 Divergence in Okun's coefficients during the global crisis, Germany, Netherlands and United States, Q1 2000-Q3 2010.

Figure 9.3 Okun's coefficients in selected OECD countries,Q1, various years, 1970-2010 -- Figure 9.4 A symmetry in Okun's coefficient, Q1 1960-Q3 2010 and Q1 2000-Q3 2010 (averages) -- Figure 9.5 Relationship between the long-run Okun's coefficient and employment protection legislation (EPL), Q1 2000-Q3 2010 -- Figure 9.6 Relationship between the long-run Okun's coefficient and the OECD summary measure of benefit entitlements, Q1 2000-Q3 2010 -- Figure 10.1 Indonesia: Impact of the fiscal stimulus package on production, by sector (Rp billions) -- Figure 10.2 Indonesia: Impact of the fiscal stimulus package on household income (Rp billions) -- Figure 11.1 Cumulative wage growth, by region, 1999-2009 (1999 = 100) -- Figure 11.2 Wages, economic crisis and "China factor": Average global wage growth, 2006-2009 -- Figure 11.3 A dvanced economies: Cumulative wage and productivity growth, 1999-2009 (1999 = 100) -- Figure 11.4 Share of low-pay employment in total employment, selected G20 countries, 1995-2000 and 2007-2009 -- Figure 12.1 Statutory social security coverage worldwide: Branches covered by a statutory programme, 2010 -- Figure 12.2 Impact of the global crisis on the rate of return to pension funds, selected countries, 2008 and 2008-2009 -- Figure 12.3 Number of unemployed receiving social security unemployment benefits, selected countries, 2007-2010 -- Figure 12.4 Germany: Partial unemployment benefits during the global crisis, 2008-2009, by month -- Figure 12.5 Pre- and post-crisis levels of government deficit, selected countries -- Figure 13.1 Brazil: Real minimum wage (R), 1990-2010 -- Figure 13.2 Brazil: Retail sales, year-over-year changes, September 2008-March 2010 -- Figure 13.3 Brazil: GDP by component, Q2 2008-Q3 2010 (1995 = 100) -- Figure 14.1 Indian exports to the European Union and United States,2003-2009 (in 2003 Rupees).

Figure 14.2 South African exports to the European Union and United States, 2003-2009 (in 2000 Rand).