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Cambridge Journal of Economics Advance Access originally published online on July 4, 2005
Cambridge Journal of Economics 2006 30(1):49-68; doi:10.1093/cje/bei048
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© The Author 2005. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Article

Post-Keynesianism, socialisation of investment and Swedish wage-earner funds

Philip Whyman*

* University of Central Lancashire

Address for correspondence: Department of Information and Finance, Lancashire Business School, University of Central Lancashire, Preston PR1 2HE, UK; email: pbwhyman{at}uclan.ac.uk

Abstract

This paper analyses the performance of one of the most controversial of recent economic policy ‘experiments’, namely Swedish Wage-earner Funds (WEFs). It examines the ability of the WEFs to meet macroeconomic, financial and democratic objectives. The analysis indicates a favourable financial performance, but little significant democratisation. Macroeconomic influence was constrained by the limited size of the scheme and, though associated with positive changes in economic variables, the experiment was ultimately overwhelmed by the collapse of an asset price ‘bubble’. Nevertheless, the performance of the WEFs has legitimised the concept of collective investment funds as an economic policy instrument.

Key Words: Post-Keynesian economics • Socialisation of investment • Wage-earner Funds • Swedish economy • Economic democracy

JEL classifications: E6, G0, J5, P5

Manuscript received November 3, 2003; final version received May 4, 2004.


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