CHAPTER VIII
Not-Quite-Compulsory Arbitration
We are left with the search for some decentralised system for fixing rates of pay in the various sectors of the economy which will promote employment in each sector. In Chapter VI we mentioned certain ways in which, without depriving trade unions and other bodies of their legitimate role in setting rates of pay for the job, the decentralised forces of competition might be given a greater influence than they have at present in the determination of those rates. But, as we argued at the end of that chapter, that cannot be the final answer to the problem of choosing in each sector that rate of pay which will promote employment in that sector.
In Chapter VII we gave reasons for the view that an acceptable ...
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