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24 Comp. Pol. Stud. 3 (1991-1992)

handle is hein.journals/compls24 and id is 1 raw text is: This article compares variations in the level of unemployment in four small, open economies- Austria, Belgium, the Netherlands, and Sweden. Rather than focusing on the political-institutional differences between these four countries, the article examines international economic variables such as the role of the European Monetary System, the structure of foreign trade, and linkages to international markets to understand the greater deterioration of employment in Belgium and the Netherlands. In turn, the decision to join the European Community and to seek firmer integration into financial markets is attributed to the relatively greater influence of banking capital or the financial sector in the systems of economic policy-making of Belgium and the Netherlands. The article concludes that the detachment of the Austrian and Swedish economies from the European experience in economic integration has greatly helped the Social Democrats in these countries in fulfilling their promises of full employment. UNEMPLOYMENT IN OPEN ECONOMIES: The Impact of Trade, Finance, and European Integration PAULETTE KURZER Babson College A s the flow of literature on variations in unemployment demonstrates, the debate on what causes the divergences in labor market performance is still unresolved. This article elaborates on some of the themes discussed in the literature by comparing the labor market record of four small, open economies - Austria, Belgium, the Netherlands, and Sweden. The first ques- tion is why are unemployment levels so much higher in Belgium and the Netherlands than in Austria and Sweden? Most studies argue that different AUTHOR'S NOTE: I wish to express my appreciation to David Cameron and David Spiro for their carefid comments and suggestions. Part of the research for this article was done during 1987and 1988 when I was a PostdoctoralFordFellow in European Society and Western Security, Center for International Affairs, Harvard University. COMPARATIVE POLITICAL STUDIES, Vol. 24 No. 1, April 1991 3-30 C 1991 Sage Publications, Inc. 3 from the SAGE Social Science Collections. All Rights Reserved.

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