"This paper examines the links between restructuring of production (post-Fordism), Europeanisation/globalisation of the economy and changes in the financial markets (financial market capitalism). It describes how, at European level, the greater scope for capital to relocate away from existing systems (labour markets, nation states), i.e. to make use of the 'exit option', dramatically shifts the balance of power between employees/trade unions and capital to the benefit of the latter. At the same time the paper also identifies the natural limits of the exit option that could offer trade unions scope for action. "

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