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Financialization, New Investment Funds, and LabourAn International Comparison$
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Howard Gospel, Andrew Pendleton, and Sigurt Vitols

Print publication date: 2014

Print ISBN-13: 9780199653584

Published to Oxford Scholarship Online: April 2014

DOI: 10.1093/acprof:oso/9780199653584.001.0001

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Financial Intermediaries in the United States

Financial Intermediaries in the United States

Development and Impact on Firms and Employment Relations

Chapter:
(p.53) 2 Financial Intermediaries in the United States
Source:
Financialization, New Investment Funds, and Labour
Author(s):

Eileen Appelbaum

Rosemary Batt

Jae Eun Lee

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199653584.003.0002

This chapter shows how PE and HFs had their origins in the USA and have been the largest in terms of AUM and interventions in large companies. Despite legal constraints, SWF activity has been significant, with growing involvement in US banking and financial services. The financial and labour market regulatory contexts are described as weak. Drawing on studies by Davis et al. (2008, 2009, 2011), the authors suggest that PE has had a negative effect on employment while case study material suggests negative effects on wages and conditions. PE has mostly avoided dealing with trade unions; HFs have had less effect on governance and employment relations whilst . SWFs have kept a low profile, preferring not to be involved in political and social matters. The authors suggest the activities of all three types of investment funds declined as a result of the 2007 crisis, but have recovered relatively quickly to move into new areas, such as distressed debt.

Keywords:   United States, financialization, new investment funds, labour, employment relations, industrial relations, work, private equity, hedge funds, sovereign wealth funds

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