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By examining varieties of labor market readjustments in advanced capitalist societies under globalization, particularly the successful social pacts of Denmark and the Netherlands, this paper criticizes prevalent theories including neoliberalism and neoinstitutionalism. Facing new challenges under globalization, advanced countries have adjusted their existing labor market regimes, neither converging toward the Anglo-Saxon model, as the neoliberal argument predicts, nor persisting in their national patterns, as path-dependent neoinstitutionalism predicts. Furthermore, successful adjustments through social pacts do not converge toward a single best form, but create new varieties of labor market regimes through various trade-offs in the collective deliberation. To understand these dynamic readjustments, this paper emphasizes the new conception of "politics among reflexive agents,"in which social agents actively reinterpret existing institutions, rather than passively being constrained by them.