The Transformation of Ownership Policy and Structure in Sweden: Convergence towards the Anglo-Saxon Model?
AbstractWe investigate the dramatic transformation of ownership policies and ownership structure in Sweden during the postwar period. After WWII, Swedish ownership policies were guided by a socialist vision where the ultimate goal was abolition of private ownership. These policies came to an end in the early 1980s. Since then a large number of Swedish firms have been acquired by foreign owners or merged with foreign firms and the foreign ownership share on the Swedish Stock Exchange has increased rapidly. A central question is whether this fast transformation is merely a logical consequence of current globalization, or whether this tendency has been reinforced by economic policies vis-à-vis the business sector in Sweden. We show that until the late 1980s, Swedish economic policy – aimed at discouraging private wealth accumulation and favoring institutional ownership and debt financing – effectively precipitated the rapid takeover of the Swedish business sector by foreign owners that gained momentum in the 1990s. Policy measures intended to create a system of “capitalism without capitalists” can be said to have “packaged” large Swedish corporations in terms of ownership and financing structure, so that foreign takeover was facilitated. The article ends with a discussion as to whether the dramatic change in ownership structure in the Swedish business sector may result in the demise of the old corporatist model of industrial relations, giving way to a new trend towards a liberal market economy of the current Anglo-Saxon variety.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Stockholm School of Economics in its series Working Paper Series in Economics and Finance with number 469.
Length: 40 pages
Date of creation: 26 Oct 2001
Date of revision: 19 Sep 2002
Publication status: Published in New Political Economy, 2003, pages 73-102.
Contact details of provider:
Postal: The Economic Research Institute, Stockholm School of Economics, P.O. Box 6501, 113 83 Stockholm, Sweden
Phone: +46-(0)8-736 90 00
Fax: +46-(0)8-31 01 57
Web page: http://www.hhs.se/
More information through EDIRC
Corporatism; Entrepreneurship; Industrial policy; Ownership policy; Ownership structure; Swedish Model;
Other versions of this item:
- Henrekson, Magnus & Jakobsson, Ulf, 2001. "The Transformation of Ownership Policy and Structure in Sweden: Convergence towards the Anglo-Saxon Model?," Working Paper Series 566, Research Institute of Industrial Economics.
- M13 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - New Firms; Startups
- N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
- O38 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Government Policy
- P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
This paper has been announced in the following NEP Reports:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Steven J. Davis & John C. Haltiwanger & Scott Schuh, 1998. "Job Creation and Destruction," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262540932, January.
- Henrekson, Magnus & Jakobsson, Ulf, 2001. "Ägarpolitik och ägarstruktur i efterkrigstidens Sverige," Working Paper Series in Economics and Finance 0438, Stockholm School of Economics.
- Blanchflower, David G & Oswald, Andrew J, 1998.
"What Makes an Entrepreneur?,"
Journal of Labor Economics,
University of Chicago Press, vol. 16(1), pages 26-60, January.
- Davidsson, Per & Henrekson, Magnus, 2000.
"Determinants of the Prevalence of Start-ups and High-Growth Firms,"
Working Paper Series in Economics and Finance
381, Stockholm School of Economics, revised 26 May 2002.
- Davidsson, Per & Henrekson, Magnus, 2002. " Determinants of the Prevalence of Start-Ups and High-Growth Firms," Small Business Economics, Springer, vol. 19(2), pages 81-104, September.
- Erik Norrman & Charles E. McLure Jr., 1997. "Tax Policy in Sweden," NBER Chapters, in: The Welfare State in Transition: Reforming the Swedish Model, pages 109-154 National Bureau of Economic Research, Inc.
- Blomström, Magnus & Kokko, Ari, 1996.
"Multinational Corporations and Spillovers,"
CEPR Discussion Papers
1365, C.E.P.R. Discussion Papers.
- David B. Audretsch, 1995. "Innovation and Industry Evolution," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262011468, January.
- Richard B. Freeman, 2000. "Single Peaked Vs. Diversified Capitalism: The Relation Between Economic Institutions and Outcomes," NBER Working Papers 7556, National Bureau of Economic Research, Inc.
- Roine, Jesper, 1999. "Tax Avoidance, Redistribution and Voting," Research Papers in Economics 2000:1, Stockholm University, Department of Economics.
- David B. Audretsch & A. Roy Thurik, 1999. "Innovation, Industry Evoluation and Employment," Tinbergen Institute Discussion Papers 99-068/3, Tinbergen Institute.
- Lindh, Thomas & Ohlsson, Henry, 1996. "Self-Employment and Windfall Gains: Evidence from the Swedish Lottery," Economic Journal, Royal Economic Society, vol. 106(439), pages 1515-26, November.
- Evans, David S & Jovanovic, Boyan, 1989. "An Estimated Model of Entrepreneurial Choice under Liquidity Constraints," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 808-27, August.
- David B. Audretsch & A. Roy Thurik, 2000. "Capitalism and democracy in the 21st Century: from the managed to the entrepreneurial economy," Journal of Evolutionary Economics, Springer, vol. 10(1), pages 17-34.
- Evans, David S & Leighton, Linda S, 1989. "Some Empirical Aspects of Entrepreneurship," American Economic Review, American Economic Association, vol. 79(3), pages 519-35, June.
- Dahlquist, Magnus & Robertsson, Goran, 2001. "Direct foreign ownership, institutional investors, and firm characteristics," Journal of Financial Economics, Elsevier, vol. 59(3), pages 413-440, March.
- Niklas Egels-ZandÃ©n & Peter Hyllman, 2007. "Evaluating Strategies for Negotiating Workersâ€™ Rights in Transnational Corporations: The Effects of Codes of Conduct and Global Agreements on Workplace Democracy," Journal of Business Ethics, Springer, vol. 76(2), pages 207-223, December.
- Norbäck, Pehr-Johan & Persson, Lars & Vlachos, Jonas, 2006. "Cross-Border Acquisitions and Corporate Taxes: Efficiency and Tax Revenues," Working Paper Series 663, Research Institute of Industrial Economics.
- Karin Jonnergård & Anna Stafsudd, 2011. "The making of active boards in Swedish public companies," Journal of Management and Governance, Springer, vol. 15(1), pages 123-155, February.
- Henrekson, Magnus & Jakobsson, Ulf, 2011. "The Swedish Corporate Control Model: Convergence, Persistence or Decline?," Working Paper Series 857, Research Institute of Industrial Economics.
- Katariina Nilsson Hakkala & Olivier Bertrand & Norbäck Pehr-Johan & Persson Lars, 2008.
"Should R&D Champions be Protected from Foreign Takeovers?,"
459, Government Institute for Economic Research Finland (VATT).
- Bertrand, Olivier & Nilsson Hakkala, Katariina & Norbäck, Pehr-Johan & Persson, Lars, 2008. "Should R&D Champions be Protected from Foreign Takeovers?," Working Paper Series 772, Research Institute of Industrial Economics.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Helena Lundin).
If references are entirely missing, you can add them using this form.