Explain the concepts of implicit contract

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1. Explain the concepts of implicit contract, efficiency wages and insider-outsider theory.

2. Traditionally, Canadian capitalism emphasizes efficiency rather than equity, while American capitalism emphasizes equity rather than efficiency. Therefore, the rate of union membership and the degree of union activism are higher in Canada than in the United States. Evaluate this statement if it is true, false, or uncertain.

Reference no: EM132284684

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