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The purpose of this paper is to give an overview of items that are included in recent productivity programmes in various countries and integrate these items with the ideas of virtuous circuit of productivity and socially embedded productivity.

In depth analysis of an illustrative set of productivity measures. The analysis reveals how each measure/programme could make sense to the industrial relations actors. A new conceptual reformulation of analysed measures and programmes.

Bilateral productivity deals between trade unions and employers are not necessarily good from the perspective of national policy making. For this kind of uncoordinated productivity measures, though may be good for individual enterprises, may increase unemployment by pushing other domestic competitors out of the market or compelling them to lay-off workers in a reactive fashion. By drawing on Polanyi, one may argue that it is possible to strike a good balance between productivity concerns and societal interests by embedding the former into the latter.

The purpose is to introduce a new conceptualization, thus the empirical material is meant to be illustrative rather than extensive.

By using graphical displays and empirical argumentation two new concepts are introduced: first, virtuous circuit of productivity and second, socially embedded productivity.