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Finance, Discipline and the Labour Share in the Long‐Run: France (1911–2010) and Sweden (1891–2000)

Gouzoulis, G; (2020) Finance, Discipline and the Labour Share in the Long‐Run: France (1911–2010) and Sweden (1891–2000). British Journal of Industrial Relations 10.1111/bjir.12576. (In press). Green open access

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Abstract

There is an ongoing debate within political economy on how finance affects capital–labour relations. Industrial relation scholars have demonstrated that financialization empowers capital and induces the liberalization of industrial relations. Additionally, meso and macro level studies show that finance reduced the labour share during neoliberalism. However, the literature is relatively limited and does not extend to the pre‐WWII period. Considering finance as historically integral to capitalism, this paper estimates the impact of finance on the labour shares of France (1911–2010) and Sweden (1891–2000). The results show that mortgage debt decreases the labour shares of both countries, thus, the financialization of households induces industrial discipline historically. However, the negative effect is substantially smaller in Sweden where housing finance is state‐led and bargaining coordination is centralized over the last century.

Type: Article
Title: Finance, Discipline and the Labour Share in the Long‐Run: France (1911–2010) and Sweden (1891–2000)
Open access status: An open access version is available from UCL Discovery
DOI: 10.1111/bjir.12576
Publisher version: https://doi.org/10.1111/bjir.12576
Language: English
Additional information: Copyright © 2020 The Authors. British Journal of Industrial Relations published by John Wiley & Sons Ltd. This is an open access article under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/), which permits use, distribution and reproduction in any medium, provided the original work is properly cited.
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of Arts and Humanities
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of Arts and Humanities > Arts and Sciences (BASc)
URI: https://discovery.ucl.ac.uk/id/eprint/10115244
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