1945

The global employment situation: Present and near-term

For at least two decades after the Second World War, a broad consensus prevailed on the major purposes and priorities of macroeconomic policy: to foster and sustain high levels of employment—and in some countries full or near-full employment—while achieving a reasonable degree of price stability and promoting sustainable growth in an equitable manner. The high levels of unemployment experienced in the Great Depression led many Governments to explicitly adopt high or full employment as a policy goal. The objective of high employment also received the vigorous support of the various multilateral institutions set up after the War. Indeed, the Charter of the United Nations defined full employment as one of the major goals for member Governments to achieve.

Related Subject(s): Economic and Social Development
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