The case for the Swedish wage-earner funds: a Post Keynesian solution to the dynamic inefficiency of capitalism through the socialization of investment
AbstractSwedish wage-earner funds (WEFs) represented a distinctive form of socialization of investment intended to counter the dynamic inefficiency of capitalism and facilitate Post Keynesian economic policy. This paper reviews the theoretical arguments for the socialization of investment, before evaluating its performance. It found that WEFs performed creditably in relation to financial targets, but less effectively regarding democratic objectives, while macroeconomic influence was ultimately constrained by the limited size of the scheme and shocks arising from financial deregulation. The paper concludes that WEFs have, however imperfectly, contributed toward the legitimization of the concept of collective investment funds as an economic policy instrument.
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Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.
Volume (Year): 30 (2007)
Issue (Month): 2 (December)
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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348
dynamic inefficiency of capitalism; economic democracy; Post Keynesian economics; socialization of investment; Swedish economy; wageearner funds;
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