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The case for the Swedish wage-earner funds: a Post Keynesian solution to the dynamic inefficiency of capitalism through the socialization of investment

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  • Philip Whyman

Abstract

Swedish 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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  • Philip Whyman, 2007. "The case for the Swedish wage-earner funds: a Post Keynesian solution to the dynamic inefficiency of capitalism through the socialization of investment," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 30(2), pages 227-258.
    • Handle: RePEc:mes:postke:v:30:y:2007:i:2:p:227-258
    DOI: 10.2753/PKE0160-3477300205
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    Cited by:

    1. Bengt Furåker, 2016. "The Swedish wage-earner funds and economic democracy: is there anything to be learned from them?," Transfer: European Review of Labour and Research, , vol. 22(1), pages 121-132, February.

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