tripartism

   An approach to economic policy in the 1970s which emphasises the need for consensual agreements between the Government, employers and the unions. A loose, less centralised form of corporatism (and sometimes known as neo-corporatism) that involves close Government consultation with business organisations and the trades unions over the conduct of economic policy and in particular over wage and price restraint. It was operated under Governments of both British parties in the 1960s and 70s. It is a rather weaker variety of corporatism than that practised in parts of the continent where corporatist decision-making has often been institutionalised.