While falling outside of the traditional understanding of labour market policy, skill formation has noteworthy implications for the structure and functioning of the labour market. This chapter reviews key insights on skill formation originated within the field of (comparative and international) political economy as well as the sociology of education. The chapter proceeds in two steps: it first discusses how skill formation systems can be conceptualised as part of the labour market policy mix to then analyse skill formation as a complement to labour market policy. For both approaches, the chapter reviews how major structural transformations - such as de-industrialisation, globalisation and the knowledge economy - have had an impact on traditional models of skill formation and on their relationship with labour market policy. © Edward Elgar Publishing 2023.
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