This chapter is an abridged version of the presidential address given at the 52nd annual meeting of the Industrial Relations Research Association, 2000 Industrial Relations Research Association, Champaign IL. Reprinted with permission from the IRRA. The entire address is published in the IRAA Proceedings of the 52nd Annual Meeting, 1–25. Support for this work from the Edna McConnell Clark Foundation, the Alfred P. Sloan Foundation, the Ford Foundation, the Rockefeller Foundation, and the U.S. Department of Labor is gratefully acknowledged. Many of the ideas expressed here reflect the joint work with colleagues and students at MIT and the participants in the Task Force on Reconstructing America's Labor Market Institutions. The author is particularly indebted to Robert McKersie and fellow coordinators of this project, Paul Osterman, Michael Piore, and Richard Locke. The author remains responsible, however, for the views expressed here.