3
labour became more important, therefore greater (longer)
retention of skilled labour by concerns, involving
larger fixed cost. The dual labour market became more
dominant.
With this and with a social policy the keeping of
redundant labour in face of declining demand became
more important.
As to industrial policy, the concentration no doubt
increased further, encouraged now (in Europa, at least)
by government policy in view of international competitive
ness. Thus the competition of oligopolies shifted to
the international scene, where large concerns are
identified with nations. At the same time it has become ,
to a very large extent, technological competition. In
so far as concerns (in spite of their international
activities) are still identified with their national
basis, it is also a national competition, in which the
national policies of governments (protection, subsidies)
are involved (technological competitions between the
U.S. and Japan and Western Europe). Finally, it appears
that in our age the problem of structural adjustment
- the (relative) decline of certain industries and great
overcapacity in the steel, cars, plastics, textiles,
has been very prominent. This may be partly due to the
--