For the last thirty years of the 20th century, the
persistence of unemployment, even in times of growth,
has been one of the most pressing challenges facing
developed countries. In a major report on this issue in
1994, the OECD described this problem as so serious that
it threatened “unravelling of the social fabric, including a
loss of authority of the democratic system”, and the “real
risk of disintegration of the international trading system”.