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What Determines the...
What Determines the Capital Share over the Long Run of History?
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- Bengtsson, Erik (författare)
- University of Gothenburg,Lund University,Lunds universitet,Ekonomisk-historiska institutionen,Ekonomihögskolan,Department of Economic History,Lund University School of Economics and Management, LUSEM
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- Rubolino, Enrico (författare)
- University of Essex
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- Waldenström, Daniel (författare)
- Research Institute of Industrial Economics
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(creator_code:org_t)
- 2020
- Svenska 43 s.
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Serie: WID.world Working Papers
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Abstract
Ämnesord
Stäng
- This paper analyzes the determinants of the labor-capital split in national incomefor 20 countries since the late 1800s. Our main identification strategy focuseson unique historical quasi-experimental events: i) the introduction of universalsuffrage, ii) close election wins of left-wing governments, iii) decolonization, iv)unionization shocks, and v) wars. We also run instrumented panel regressions.Our findings show that the capital share decreased in response to radical institu-tional and political shifts, such as the introduction of universal suffrage in the early1900s, the undoing of colonialism and the implementation of redistributive policiesduring the post-war period. By contrast, the capital share increased following theerosion of trade unionism since the 1980s. Wars, despite destroying the capitalstock, generated windfall profits that increased the capital share.
Ämnesord
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Ekonomisk historia (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economic History (hsv//eng)
Nyckelord
- ineqality
- factor shares
- event study
- economic history
- institutions
Publikations- och innehållstyp
- ovr (ämneskategori)
- vet (ämneskategori)