Market control based on a comprehensive series of negotiated agreements between business and the labour force.
Social partnership is the term used for the tripartite, triennial national pay agreements reached in Ireland. The process was initiated in 1987, following a period of high inflation and weak economic growth which led to increased emigration and unsustainable government borrowing and national debt. Strike and wage moderation have been important outcomes of the agreements and this has been seen as a significant contributor to the Celtic Tiger. Prior to this agreement bargaining had been on a local level since 1981; in the previous decade national employer-union deals and 'National Understandings' were the norm but came under increased pressure. The corporatist 'social partnership' agreements are agreed between the Government, main employer groups Irish Business and Employers Confederation and the Construction Industry Federation and the trade unions; since 1997 voluntary/community organisations have taken part in the general policy discussions but not in the key wage bargaining element. The corporatist core has been a trade-off of modest wage increases in exchange for a lighter income tax burden. There are also sectoral reforms negotiated and public service pay reviews under the rubric of 'benchmarking' with private sector pay scales.
The numerical value of SOCIAL PARTNERSHIP in Chaldean Numerology is: 8
The numerical value of SOCIAL PARTNERSHIP in Pythagorean Numerology is: 5
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"SOCIAL PARTNERSHIP." Definitions.net. STANDS4 LLC, 2017. Web. 27 Jun 2017. <http://www.definitions.net/definition/SOCIAL PARTNERSHIP>.