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Finance and Labor: Perspectives on Risk, Inequality, and Democracy

Sanford M. Jacoby

University of California, Los Angeles

October 1, 2008

This paper considers the association between financial development and labor-market outcomes such as risk and inequality. The relationship is not straightforward, however. It is mediated by politics at the national and corporate levels. Politics spurs financial development, which sets in motion countervailing efforts to restrain the effect of finance on inequality and risk. The empirical analysis relies on historical, comparative, and contemporary evidence. Emphasis is given to recent events in the United States: the political origins of contemporary financial development and attempts by organized labor and its allies to re-regulate finance and reshape corporate governance.

Number of Pages in PDF File: 48

Keywords: labor, shareholders, financial regulation, pensions, risk, corporate governance, unions, inequality

JEL Classification: D23, D63, G23, G34, J32, J41, J51, K22, N22

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Date posted: October 25, 2007 ; Last revised: December 30, 2009

Suggested Citation

Jacoby, Sanford M., Finance and Labor: Perspectives on Risk, Inequality, and Democracy (October 1, 2008). Available at SSRN: https://ssrn.com/abstract=1020843 or http://dx.doi.org/10.2139/ssrn.1020843

Contact Information

Sanford M. Jacoby (Contact Author)
University of California, Los Angeles ( email )
Los Angeles, CA 90095-1481
United States
310-825-2505 (Phone)
310-825-0218 (Fax)
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