In policy-making circles, the industrial relations emphasis on institutional intervention is trumped by a neoliberal emphasis on the "laissez-faire" promotion of free markets. In practice, trade unions are declining and fewer companies have industrial relations functions. The number of academic programs in industrial relations is therefore shrinking, while fields such as human resource management and organizational behaviour grow. The importance of this work, however, is stronger than ever, and the lessons of industrial relations remain vital. The challenge for industrial relations is to re-establish these connections with the broader academic, policy, and business worlds.