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Financialization and the stewardship of workers' capital in Australia

Mees, B 2017 , 'Financialization and the stewardship of workers' capital in Australia', in K Skerrett and C Roberts and J Weststar and S Archer (eds.), The Contradictions of Pension Fund Capitalism , Labor and Employment Relations Association, Champaign, pp. 55-78.

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Financialization is a term used in academic discourse to criticize anddescribe the influence of financial markets (and marketization) in thepolitical economy. As van der Zwan (2014: 99) puts it, "Studies of financializationinterrogate how an increasingly autonomous realm of globalfinance has altered the underlying logics of the industrial economy and theinner workings of democratic society." As such, financialization has cometo be associated with the "shareholder value" or agency model of corporategovernance, the growing dominance of capital markets, the increasingpolitical and economic power of a particular class grouping (the rentierclass), and the explosion of financial trading with a myriad of new financialinstruments, or, for Krippner (2005: 14), a "pattern of accumulation inwhich profit making occurs increasingly through financial channels ratherthan through trade and commodity production."

Item Type: Book Section
Authors/Creators:Mees, B
Keywords: superannuation, industry funds, unions
Publisher: Labor and Employment Relations Association
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Copyright 2017 Labor and Employment Relations Association

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