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We show that the reforms passed during the Troika years were qualitatively different to earlier reforms. Despite building upon previous trends, there were path-shifting changes. First, security in employment and in unemployment for standard workers (insiders) declined substantially. Second, a significant decentralisation of wage bargaining shifted the balance of power towards employers, while a move from joint to statutory regulation stalled social cooperation. Third, neither of these trends was offset by any relevant unemployment compensation strategy or activation effort targeted at outsiders: no recalibration occurred in a historically dualised labour market. The balance of power between employees and employers shifted towards the latter at the expense of the former. A worse situation for insiders and outsiders points to wide market flexibilisation and enduring segmentation at a lower level of security. The austerity-driven reforms brought the Portuguese labour market to a liberalized dualisation, signalling a new departure for Portuguese labour market relations.<\/jats:p>","DOI":"10.1177\/1388262718763668","type":"journal-article","created":{"date-parts":[[2018,3,23]],"date-time":"2018-03-23T07:56:34Z","timestamp":1521791794000},"page":"31-48","update-policy":"https:\/\/doi.org\/10.1177\/sage-journals-update-policy","source":"Crossref","is-referenced-by-count":18,"title":["Liberalised dualisation. 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