Friday, January 13, 2012

what to believe about capitalismBut just as the U.S. was dismantling much of its welfare system — replacing it with the welfare-to-work reforms of the mid-1990s — Europe was (somewhat nobly) trying to show that an economy can be humane and competitive. In 1994, Denmark modernized a system, which came to be known as “flexicurity,” that offered American-style flexibility (layoffs, transitions into new lines of business) coupled with traditional European security. Laid-off workers were offered generous benefits, like 90 percent of their last salary for two years and opportunities to be retrained.

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