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’ financial wellbeing more dependent on the individual firm and less on overall market conditions ?wider dispersion of pay and conditions of work ? Lower social safety for the unemployed ? Less support for workers in a recession 9 New . Old Work Arrangements Old NewW ages Fixedhourly/monthlypayV ari abl e pen sati onrel a ted t o p rofits/stockow nershi pRegu lat ions Statema nd /controlAlternative d isputeresol u ti on sys tem sDecisionsHierar ch ical bossEmployeeinvolvement/ teams10 New . Old Welfare Arrangements Old NewW elf a re State s a fet y n et f o rjobles sBenefit s ti ed towo rkRetir e ment Socialsecurity/priva tedefi ned bene fitsDefinedcontri bu ti onEducation State pr ov idedschooli ngLoans。 V ouchers11 Shar