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Financialization and the stewardship of workers' capital in Australia


Mees, B, Financialization and the stewardship of workers' capital in Australia, The Contradictions of Pension Fund Capitalism, Labor and Employment Relations Association, K Skerrett, C Roberts, J Weststar, and S Archer (ed), Champaign, pp. 55-78. ISBN 978-0-913447-14-7 (2017) [Research Book Chapter]

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Financialization is a term used in academic discourse to criticize and describe the influence of financial markets (and marketization) in the political economy. As van der Zwan (2014: 99) puts it, "Studies of financialization interrogate how an increasingly autonomous realm of global finance has altered the underlying logics of the industrial economy and the inner workings of democratic society." As such, financialization has come to be associated with the "shareholder value" or agency model of corporate governance, the growing dominance of capital markets, the increasing political and economic power of a particular class grouping (the rentier class), and the explosion of financial trading with a myriad of new financial instruments, or, for Krippner (2005: 14), a "pattern of accumulation in which profit making occurs increasingly through financial channels rather than through trade and commodity production."

Item Details

Item Type:Research Book Chapter
Keywords:superannuation, industry funds, unions
Research Division:Commerce, Management, Tourism and Services
Research Group:Human resources and industrial relations
Research Field:Industrial and employee relations
Objective Division:Commercial Services and Tourism
Objective Group:Financial services
Objective Field:Superannuation and insurance services
UTAS Author:Mees, B (Dr Bernard Mees)
ID Code:127314
Year Published:2017
Deposited By:TSBE
Deposited On:2018-07-20
Last Modified:2018-08-09

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