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Financialisation and inequality in Australia
Stockholm University, Faculty of Social Sciences, Stockholm Business School.
2017 (English)In: Economic and Labour Relations Review, ISSN 1035-3046, E-ISSN 1838-2673, Vol. 28, no 4, p. 519-537Article in journal (Refereed) Published
Abstract [en]

The process of financialisation has been cast as a major contributor to increasing inequality of wealth and income in a number of advanced industrialised economies, but the nature of the link requires precise clarification. In this article, we argue that financialisation in Australia has advanced inequality, but in a particular way. Charting several features of financialisation of the macroeconomy', we accept that this process has contributed to increased inequality in the sense that the wealthy have increased their wealth faster than households and individuals at the lower end of the wealth distribution. However, there is limited Australian evidence to suggest that income redistribution has occurred as a result of the financialisation of the firm'. At the level of the firm, increased inequality of wealth can be attributed directly to financialisation if firm practices are oriented to increasing shareholder value at the expense of returns to other stakeholders such as workers or suppliers, and increased income inequality can be linked specifically to financialisation through increases in earnings to financial agents. We suggest several reasons for the relative absence of a firm-level dimension of financialisation but caution that such a trend remains possible, particularly if regulation of the labour market is weakened.

Place, publisher, year, edition, pages
2017. Vol. 28, no 4, p. 519-537
Keywords [en]
Financialisation of the firm, financialisation of the macroeconomy, income redistribution, inequality, investment, wealth distribution
National Category
Business Administration
Research subject
Economics
Identifiers
URN: urn:nbn:se:su:diva-150159DOI: 10.1177/1035304617710417ISI: 000416255600003OAI: oai:DiVA.org:su-150159DiVA, id: diva2:1165382
Available from: 2017-12-13 Created: 2017-12-13 Last updated: 2018-01-08Bibliographically approved

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