Mainstream economics: employment is seen as a mutually advantageous transaction in a free market between self-interested legal and economic equals
Human resource management (unitarism): employment is a long-term partnership of employees and employers with common interests
Pluralist industrial relations: employment is a bargained exchange between stakeholders with some common and some competing economic interests and unequal bargaining power due to imperfect labor markets
Critical industrial relations: employment is an unequal power relation between competing groups that is embedded in and inseparable from systemic inequalities throughout the socio-politico-economic system.
These models are important because they help reveal why individuals hold differing perspectives on human resource management policies, labor unions, and employment regulation.
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