This project addresses the transformations of the employment regime that took place in Portugal in the context of global economic restructuring of the last decades and its onsequences in respect to employment and work. The deleterious impacts on work of the growing internationalization of production and concomitant financialisation have been salient in a country vulnerable to delocalization of production, macroeconomic imbalances and indebtedness. These impacts reached their zenith with the Global Financial Crisis and ensuing "troika" financial bail-out in 2011. At the time a reconfiguration of employment regime aimed at internal devaluation was spelled out in the troika's Memoradum and implemented, affecting institutions and rules governing employment protection, working time arrangements, unemployment benefits and collective bargaining. Building on previous research that characterized the institutional reconfiguration associated with internal devaluation as a regressive one that amounted to a transfer of income from labor to capital and to a change of power resources unfavorable to organized labor, the project intends to broaden this research in two different ways. First, it extends the assessment of devaluation of work to key dimensions of the quality of employment and working conditions that might have been directly deteriorated as a result of the reconfiguration of employment regime (in particular wages, working time and job security). Second, by analyzing actors' strategies and power resources at national, sector, and company level it pin points long term consequences of internal devaluation its drivers, and means to counteract them. The project conjectures that the institutional reconfiguration of the Portuguese employment regime and internal devaluation may have accelerated a process of cumulative devaluation of work involving loss of competences and skills, investment retrenchment, increasing inequalities, and demographic decay, whose relations and drivers ...

The research programme will integrate diverse levels, methods and disciplinary traditions with the aim of developing a comprehensive policy agenda for changing the role of the financial system to help achieve a future which is sustainable in environmental, social and economic terms. The programme involves an integrated and balanced consortium involving partners from 14 countries that has unsurpassed experience of deploying diverse perspectives both within economics and across disciplines inclusive of economics. The programme is distinctively pluralistic, and aims to forge alliances across the social sciences, so as to understand how finance can better serve economic, social and environmental needs. The central issues addressed are the ways in which the growth and performance of economies in the last 30 years have been dependent on the characteristics of the processes of financialisation; how has financialisation impacted on the achievement of specific economic, social, and environmental objectives?; the nature of the relationship between financialisation and the sustainability of the financial system, economic development and the environment?; the lessons to be drawn from the crisis about the nature and impacts of financialisation? ; what are the requisites of a financial system able to support a process of sustainable development, broadly conceived?’

Who benefited most from the re-regulation of labour markets which affected most of EU countries in the 1990s? The guidelines of the European Employment Strategy stress the need to promote flexibility combined with employment security and to ensure employment-friendly labour cost developments and wage-setting mechanisms [Ce05]. Despite higher occupation and employment rates, the outcome of 20 years of labour market flexibility is not clear yet. Flexibility allowed employers to face increasingly competitive markets, yet claims exist that contract flexibility was also used to cut labour and training costs [RaScHa00]. Contract flexibility has also been accused of driving large shares of younger workers and other groups of disadvantages employees to career paths characterised by temporary contracts, lower wages, poor working conditions, and low training. Literature on employment relationships has achieved important results, but several gaps still exist. The core idea of this research project is that wage dynamics and the use of flexible contracts are driven by the wage policy of a firm and by environmental conditions. Thus, the research programme jointly developed by a Portuguese and an Italian research unit, will take advantage of two national administrative linked employer-employee panel databases: Quadros do Pessoal, and Work Histories Italian Panel (WHIP). The research programme is based on a multidisciplinary, comparative, and pluralist approach and it is expected to produce new theoretical models and empirical evidence on the joint use of contract flexibility and targeted wage policies by firms.