Labor markets in different developed countries have varying rules and institutions that impact how people work and earn money. Some countries rely on unions or government-set pay, while others have more market-driven systems. Countries like Sweden have extensive social welfare programs, while the US relies more on private charities. In the 1980s, the US saw lower unemployment rates but also rising inequality and poverty. The US also experienced a decline in union membership and longer working hours compared to Europe. Overall, different countries have different approaches to labor markets and social welfare, leading to varied outcomes in terms of employment, income, and inequality.