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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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A Capital–Labour Accord on Financialization? The Growth and Impact of New Investment Funds in Sweden

A Capital–Labour Accord on Financialization? The Growth and Impact of New Investment Funds in Sweden

Chapter:
(p.200) 7 A Capital–Labour Accord on Financialization? The Growth and Impact of New Investment Funds in Sweden
Source:
Financialization, New Investment Funds, and Labour
Author(s):

Tomas Korpi

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199653584.003.0007

The deregulation of financial markets in Sweden in the late 1980s changed the structure of corporate ownership and paved the way for NIFs. However, despite vocal criticisms of such funds elsewhere, the stance of Swedish labour appears strikingly different. Much of the legislation facilitating NIFs was enacted under Social Democratic governments, and trade unions have been guardedly positive in their assessment of the funds. Although many of the regulatory changes were backed by the major trade union confederations, other reforms were resisted by them.The current stance of the trade unions might be summarized as making the best of a bad situation, arguing from a position of weakness rather than strength. Instead of actively trying to shape the market economy to further the interests of labour, trade unions are now restricted to curbing the excesses of the market. This could of course still be labelled an accord, yet one radically different from the earlier compromise.

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

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