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The Growing Challenge of Youth Unemployment in Europe & USA Cross-Cultural Perspective$
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Radha Jagannathan

Print publication date: 2021

Print ISBN-13: 9781529200102

Published to Policy Press Scholarship Online: January 2022

DOI: 10.1332/policypress/9781529200102.001.0001

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(p.1) 1 Introduction
The Growing Challenge of Youth Unemployment in Europe & US

Radha Jagannathan

Policy Press

This chapter describes the youth labor market and identifies the key institutions responsible for the smooth functioning of this market. It provides a theoretical framework for the rest of the chapters using perspectives used in cultural economics, sociology and political science. After a brief description of the German dual system and the American ‘freewheeling entrepreneurship’ approach, the chapter lays out the question of whether the American free market capitalism characterized by risk taking or the more scripted and coordinated approaches practiced in Germany distinguished by a high level of trust and cooperation among market actors can help other countries, specifically the Southern Mediterranean countries, in shaping their youth employment initiatives. The chapter concludes with a description of the organization of the rest of the book.

Keywords:   Youth unemployment, Free market capitalism, German dual system, Entrepreneurship, Vocational education and training, VET, Welfare state typology, Varieties of capitalism

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