e usefulness of the most successful Western European macroeconomic strategy ofthe 1970's and 1980's--corporatist bargaining. The current levels of high unemployment will continue so long as European societyis able to support, both economically and philosophically, a large, marginalized class of unemployed people. Eventually, WesternEurope will have to develop a new mechanism of reaching societal consensus on wage restraint. This might happen in response toeven larger levels of unemployment or a to breakdown in the government's fiscal ability to support the current levels ofunemployed....
