Financialization, New Investment Funds, and Labour
An International Comparison
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Product details:
- Publisher OUP Oxford
- Date of Publication 6 February 2014
- ISBN 9780199653584
- Binding Hardback
- No. of pages404 pages
- Size 240x163x30 mm
- Weight 774 g
- Language English 0
Categories
Short description:
The book examines the activities of often highly controversial investment funds, namely private equity, hedge funds, and sovereign wealth funds, in US, UK Australia, Germany, Netherlands, Sweden, Italy, Poland, and Japan, exploring the importance of these funds and considering the evidence relating to their effects on work and employment.
MoreLong description:
The book provides a comprehensive, comparative treatment of the development of New Investment Funds (NIFs)--private equity, hedge funds, and sovereign wealth funds--and their impact upon labour and employment. Several countries are selected for in-depth treatment with a chapter devoted to each: US, UK, Australia, Germany, Netherlands, Sweden, Italy, Poland, and Japan. The book examines variations in the level and type of fund activity between countries, considers influences upon these variations, and analyses differences in the impact of these funds on labour and employment. This analysis is located in a broader discussion of the nature and development of corporate financialization and comparative capitalism. Financialization has supported the development and growth of these funds, and many aspects of these funds exemplify the process of financialization.
Each chapter reports the evidence on the impact of these funds on labour and employment. Case studies conducted by the authors supplement other evidence. Much of the evidence shows that private equity funds can have adverse effects on labour, such as reductions in employment, but there is also evidence of more positive effects in some cases such as employment growth and adoption of high commitment human resource practices. There is much less evidence on the effects of activist HFs and SWFs, with the impact on labour typically being indirect.
Between them, the chapters show that variations in national regulation have a significant impact on both the development of fund activities and their effects. With regard to labour effects, employment and labour regulations do not seem to be of prime importance in explaining the level of fund activity, but regulation supporting worker consultation and voice affects the capacity of labour representatives to influence the outcomes of fund activity on labour and employment.
Table of Contents:
Financialization, New Investment Funds, and Labour
Financial Intermediaries in the United States: Development and Impact on Firms and Employment Relations
Financialization, New Investment Funds, and Weakened Labour: The Case of the UK
Ambivalent finance and protected labour. Alternative investments and labour management in Australia
Financialization and ownership change: challenges for the German model of labour relations
Contested Financialization: New Investment Funds in the Netherlands
A Capital-Labour Accord on Financialization? The Growth and Impact of New Investment Funds in Sweden
An Italian Way to Private Equity ? The Rhetoric and the Reality
Private Equity and Labour in a Transition Economy: the Case of Poland
Japan: Limits to Investment Fund Activity
New Investment Funds and Labour Impacts: Implications for Theories of Corporate Financialization and Comparative Capitalism
