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The wage share and the welfare state in Sweden, 1900-2013
Stockholm University, Faculty of Social Sciences, Department of Economic History.
(English)Manuscript (preprint) (Other academic)
Abstract [en]

This study explores the long run relationship between the wage share in the private sector and the extent of the Swedish welfare state in 1900-2013. It uses a novel approach where government intervention in the economy is broken down into three different aspects: Government consumption, government investment and residential construction. The construction of dwellings may seem questionable at first glance, since it to a large degree has been carried out by private interests. The fact that housing policy has been an important part of welfare policy through several channels motivates inclusion of the variable however. Government investment, mainly in infrastructure, and house construction as factors influencing the functional income distribution has been neglected in previous research. Through the use of single-equation cointegration technique, the study finds a positive and robust long run relationship between the private wage share and all three welfare variables.

Keyword [en]
Wage share, functional income distribution, welfare state
National Category
Economic History
Research subject
Economic History
Identifiers
URN: urn:nbn:se:su:diva-148739OAI: oai:DiVA.org:su-148739DiVA: diva2:1155364
Note

Part of dissertation "Financialization in Swedish Capitalism: Debt, inequality and crisis in Sweden, 1900-2013", ISBN PDF: 978-91-7797-064-4.

Available from: 2017-11-07 Created: 2017-11-07 Last updated: 2017-11-08Bibliographically approved
In thesis
1. Financialization in Swedish Capitalism: Debt, inequality and crisis in Sweden, 1900-2013
Open this publication in new window or tab >>Financialization in Swedish Capitalism: Debt, inequality and crisis in Sweden, 1900-2013
2017 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

This dissertation adresses financialization – the increasing role of financial activities in the overall economy – in Sweden in 1900-2013. The focus is on the long run relationships between private debt, asset markets, inequality and financial crisis during this period. In line with established scholarship, the present study finds that changes in bank debt had a positive impact on the probability of financial crisis in Sweden. Functional income distribution between profits and wages was an underlying factor influencing the formation of bank debt levels through its impact on collateral in stock markets. Expenses related to the Swedish welfare state – the size of the public sector, government investment and housing construction – had a long run relationship with the wage share. The welfare state has been an effective counter-measure not just against a high profit share, but also against financialization. Moreover, the dissertation shows that the recent era of financialization in Swedish capitalism is not unique in kind. Rather, recent financialization is very similar to the macroeconomic situation during the early decades of the 20th Century. These findings are consistent with much of heterodox economic theory, in particular the Neo-Marxist approach. 

Place, publisher, year, edition, pages
Stockholm: Department of Economic History, Stockholm University, 2017
Series
Stockholm studies in economic history, ISSN 0346-8305 ; 67
Keyword
debt, inequality, financialization, financial crisis
National Category
Economic History
Research subject
Economic History
Identifiers
urn:nbn:se:su:diva-148711 (URN)978-91-7797-063-7 (ISBN)978-91-7797-064-4 (ISBN)
Public defence
2017-12-22, hörsal 2 hus A, Universitetsvägen 10 A, 114 18 Stockholm, 13:00 (Swedish)
Opponent
Supervisors
Note

At the time of the doctoral defense, the following papers were unpublished and had a status as follows: Paper 3: Manuscript. Paper 4: Manuscript.

Available from: 2017-11-29 Created: 2017-11-07 Last updated: 2017-11-29Bibliographically approved

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CiteExportLink to record
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Citation style
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