A Case for Redistribution? Income Inequality and Wealth Concentration in the Recent Crisis

Goda, Thomas; Onaran, Özlem; Stockhammer, Engelbert

doi:10.2139/ssrn.2486874

Cited by 2 publications

(1 citation statement)

References 87 publications

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“…These studies show that falling European wage share has only moderate benefits for trade balances and investment, but substantially negative effects on consumption, and an overall negative effect on aggregate demand. In the past, these negative effects of inequality on growth were partially circumvented by two contrasting growth models (Goda et al 2014): (1) in countries like the United Kingdom, Ireland, Spain, Greece or Portugal, households increased their debt to maintain consumption levels in the absence of decent wage increases; (2) in countries such as Germany, Austria and the Netherlands, an excessive reliance on exports was required to maintain growth in the absence of domestic demand based on a healthy wage growth. For example, in Germany, the share of consumption in GDP declined from 60% in 1993 to 55% in 2007 in the eve of the Great recession.…”

Section: Wage Moderation Policies and Growthmentioning

confidence: 99%

The state and class discipline: European labour market policy after the financial crisis

et al. 2017

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This paper looks at two related labour market policies that have persisted and even proliferated across Europe both before and after the financial crisis: wage restraint, and punitive workfare programmes. It asks why these policies, despite their weak empirical records, have been so durable. Moving beyond comparative-institutionalist explanations which emphasise institutional stickiness, it draws on Marxist and Kaleckian ideas around the concept I that under financialisation, the need for states to implement policies that discipline the working class is intensified, even if these policies do little to enable (and may even counteract) future stability. Wage restraint and punitive active labour market policies are two examples of such measures. Moreover, this disciplinary impetus has subverted and marginalised regulatory labour market institutions, rather than being embedded within them.

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Section: Wage Moderation Policies and Growthmentioning

confidence: 99%

The state and class discipline: European labour market policy after the financial crisis

et al. 2017

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Corporate ownership of the public debt: mapping the new aristocracy of finance

Hager¹

2015

Socioecon Rev

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In various writings Karl Marx made references to an 'aristocracy of finance' in Western Europe and the United States that dominated ownership of the public debt. Drawing on original research, this article offers the first comprehensive analysis of public debt ownership within the US corporate sector. The research shows that over the past three decades, and especially in the context of the current crisis, a new aristocracy of finance has emerged, as holdings of the public debt have become rapidly concentrated in favor of large corporations classified within Finance, Insurance and Real Estate (FIRE). Operationalizing Wolfgang Streeck's concept of the 'debt state', the article goes on to demonstrate how concentration in ownership of the public debt reinforces patterns of social inequality and proceeds in tandem with a shift in government policy, one that prioritizes the interests of government bondholders over the general citizenry.

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A Case for Redistribution? Income Inequality and Wealth Concentration in the Recent Crisis

Cited by 2 publications

References 87 publications

The state and class discipline: European labour market policy after the financial crisis

The state and class discipline: European labour market policy after the financial crisis

Corporate ownership of the public debt: mapping the new aristocracy of finance

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