economic democracy through collective capital formation

8/17/2019 Economic Democracy through Collective Capital Formation

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ECONOMIC DEMOCRACY THROUGHCOLLECTIVE CAPITAL FORMATION

THE CASES OF GERMANY AND SWEDEN,

AND STRATEGIES FOR THE FUTURE

Stefan Sjöberg and Nyegosh Dube

Abstract: The global economic crisis, whose effects are ongoing, was the result of an

undemocratic, anti-social system of production, investment, and finance. Therefore, it is an

opportune time to revisit the question of economic democracy. This question has emerged

in various periods and places as a salient issue within the labour movement and the Left. InEurope, two paths to economic democracy have been considered: the co-determination line

and the more radical property line challenging private ownership of capital. While the former

has been dominant in social democracy, in the 1970s, the latter became the main focus of

debates in Germany and especially Sweden in the social democratic parties and trade unions.

In both cases, system-transforming proposals for collective capital formation, aiming beyond

the Fordist accumulation regime, played a key role. This article examines these experiences,

paying particular attention to the issue of hegemony in a changing mode of production, and

then explores several newer strategies of collective capital formation: trade union pension

funds, societal funds, and hybrid citizen–worker ownership. Based on the lessons of the German

and Swedish debates, it concludes that labour and Left forces need to form a transnational

hegemonic bloc to overcome the resistance of international capital and advance an economic

democracy agenda, with the structural reformism of collective capital formation occupying a

central place on this agenda.

Key words: wage-earner funds; Fordist accumulation; hegemony; power relations; societal

funds; citizens investment funds; worker ownership

Sean Sjöbeg (left ) is Senio leuein Soioog a he fau o Heah anOupaiona Suies, Univesi o Gäve,

Sween. Eai: [email protected]

Negosh dube (right ) is cooinao o he“Eonoi deoa o Euope” Poje,Wasaw, Poan. Eai: [email protected]


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Introduction

the goba eonoi isis o 2008–2009, whose ees ae si being eaoun he wo, inuing he ongoing Euopean eb isis, one again exposeunaena aws in he apiais sse an highighe he nee o ask basiquesions abou he isibuion o eonoi powe an weah an o e-exaine

aenaives o he saus quo. the isis is he esu o an uneoai,ani-soia sse o pouion, invesen, an nane onoe b uneee,unaounabe opoae an nania oigahies pusuing hei own se-inees.A he sae ie, he ongoing poess o gobaisaion, an he esuing enenowas einusiaisaion in he avane apiais soieies bough abou bhe goba obii o apia, has aeeae he isepoween o abou, aniizens as a whoe, in hose soieies.

I is heeoe a ve oppoune ie o pu he quesion o eoaisaion ohe eonoi sse bak on he Euopean an he inenaiona agena. How

an wokes an iizens gain geae ono ove he epoen o apia anhe weah poue as a esu? Eonoi eoa has eege a vaiousies an in vaious paes as a saien issue, paiua wihin he Euopeanle an he Euopean abou oveen. I has aken ieen os in ieensoio-hisoia onexs, ounies, an aiions. In genea es one an saha “eonoi eoa opises wo ena pespeives: an oveahingsuua pespeive whih onens owneship an ono o he pouiveeans, an a song pespeive o beow whih is abou eoai oganising,se-govenane an inuene” (Jansson e a. 2002).

In oe o ahieve eonoi eoa, he Euopean abou oveenhas hisoia onsiee wo pahs: wha Nieenho (1979) as he pai pinipe ( Paritätsprinzip) an he pope pinipe ( Eigentumsprinzip) o heo-eeinaion ine an he pope ine. the o-eeinaion ine has beenhe oinan one wihin soia eoa, in ine wih assi eois aiingo ii he unions an ighs eanaing o he owneship o apia—wihouhanging basi apiais pope oniions pe se.

Wihin he le an he abou oveen, his saegi ine has been iiiseo a maxis poin o view: i one ea wans o ahieve eonoi eoa—

whee he eono is eoaia onoe an he wokes have ea powean inuene an whee he euns geneae wi be isibue in a ai wa— his wi no be possibe wihou haenging he sae oe o apiais, he pivae owneship o he eans o pouion. fo ie o ie, he pope inehas aso been aniese wihin soia eoa. Exapes o his wee (Wes)Gean an Sween in he 1970s in he o o he issue o oeive apiaoaion an un buiing b wage eanes as a saeg o eonoi eoa.


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490 STEFAN SJÖBERG AND NYEGOSH DUBE


the ai o his aie is o anase hese Gean an Sweish expeienes anhen expoe oes an saegies o oeive apia oaion1 ha ou seveas ke eeens in a enewe eo o pooe eonoi eoa.

Collective Capital Formation in Germany

In he ae 1950s, heoiss aiae wih he coneeaion o Gean taeUnions (dGB) an he Soia deoai Pa o Gean (SPd) s begano ak abou oeive apia oaion b wage eanes as a wa o hangeunaena powe an pope oniions in he ieion o eonoieoa. thee wee ieas ha beae he subje o onee eisions b hedGB an SPd a he beginning o he 1970s an ae wee eaboae in Sween.the pionee o oeive un-buiing saegies was Buno Geize, an eonoisaiae wih he dGB. His ieas have o be pu in a hisoia soio-eonoionex, ha is, he spei pos-wa oniions in Wes Gean. Ae he wa,

pivae apia auuaion was suppoe b govenen eonoi poiies,whih e o an ineasing onenaion o apia an weah in a ew hans. Bhe beginning o he 1960s, 1.7% o he popuaion owne 70% o he eans o pouion (take 1988, 117–20).

the Geize Pan was s pesene in 1957 (Geize 1969). Geize quesionehe a ha he gowh o weah ha eanaes o se-naning in inusgoes o apia ownes. this onenaion o apia in a ew pivae hans pevene wage eanes o buiing up hei own apia an weah. Geize beieve ha his pobe ou no be sove soe hough aive wage an ax

poiies. He suggese soiaising apia auuaion hough he onsuiono “soia uns” onoe b ae unions. Une his pan, a eain aoun ohe pos o age opanies was o be ansee o he soia uns. thoughhese uns, wage eanes wou have aquie pa o he apia o big inus.On age opanies wee o be inue in he un sse, beause apia an powe ae onenae in he. Wage eanes wou have eeive iniviuashaes in he uns whih ou no be so o a ong ie o ensue ha apiai no ge onenae one again.

this poposa was he saing poin o a ive isussion on oeive apia

oaion an un buiing in boh Gean an ae in Sween (see, e.g., Das Mitbestimmungsgespräch 1972; Eie an Skog 1980; Jea 1980; Weén1976). duing he 1960s, Geize’s ieas wee eaboae b a woking goupwihin he dGB (e.g., he Bune Pan) an b ipoan dGB heoiss suh asWiie Höhnen an Geha leinsk.

B he beginning o he 1970s, he SPd an dGB wee ea o ake soeipoan eisions. A he SPd ongess in Saabüken in 1970, a oion o


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he exeuive boa on oeive apia oaion ha been aope ha akeabou invesen uns in eenaise os une pubi ono ha ou beuse o give wage eanes a shae in apia gowh an hange he unjus apiaan pope suue (Habah 1973).

In 1971, a apia oission was eee a an exaoina SPd ongess inBonn. the poin o epaue was ha i was neessa o ake easues o ensue

ha wage eanes ge a shae in he ineasing apia gowh. In June 1972, heSPd’s exeuive boa eae, “the ipeenaion o o-eeinaion oesno eiinae he unjus isibuion o weah in ou soie. theeoe i is noa subsiue o he ean o geae paiipaion o epoees in pouiveasses” (Habah 1973, 108). deenaise uns onoe b wage eaneswee one again eoene. A esouion o he exaoina SPd ongessin doun ha sae ea sae ha he hi apia oaion aw was gooo wage eanes, bu ha “Owneship o he eans o pouion eainsonenae in he hans o a sa goup” (Habah 1973, 146).

A he dGB ongess in Bein in June 1972 sevea poposas o oeiveapia oaion wee aope. One o he poposas sae ha “Epoees ina seos shou be given an appopiae shae in pouive asses hough aninuswie po-shaing sse” an anohe ha “this ae union apia poi ais o eiinae he exessive onenaion o weah in he feearepubi an he eonoi an soia powe suues assoiae wih i”( Deutscher Gewerkschaftsbund, Protokoll 1972, 9).

A oion o he dGB naiona exeuive ha was passe b he ongesseane a shae o wage eanes in he apia gowh o opanies. to bing

his abou, i popose ha apia oaion uns (Vermögensbildungsfonds) be bui up wih wo basi ais: (1) he eisibuive ai o opeening wage poi wih eiaion o he unequa isibuion o weah an (2) he soio- poiia ai o ouneaing he onenaion o powe, pope, an weah inhe hans o he big apia ownes.

A eain shae (4%–15%) o he annua pos o age opanies wou have been ansee as soks o uns on a egiona basis. I was ague ha i poshaes ae ansee as soks an no as ash, he iquii o he opanieswou no be hae. the uns’ boas wou have been eee b a hei

woke-shaehoes. the boas wou hen have appoine a supeviso boa,in whih one-hi o he ebes wou have been epesenaives o he pubiinees. the woke-shaehoes wou have eeive eiaes oesponingo hei shaes. the ongess poine o wo aenaive was o haning heeiaes: (1) aking he eeeabe on in exepiona ases an (2) akinghe seabe on he sok ake ae 10 eas. the s opion was avouein he aguens: “the isibuiona an soia poi goas o apia poi


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an on be ahieve hough essenia pepeua ok-up peios” ( Deutscher

Gewerkschaftsbund, Protokoll 1972, 9).

the dGB ha now ae a pinipe eision in avou o uns whih ae

o he SPd o ouae a posiion on his quesion. the 1973 SPd ongess in

Hanove hen posiione ise ve ose o he 1972 dGB ongess eision. An

eaboae un poposa base on a epo o he pa’s apia oission

was aope. I sae ha

Property in productive assets in our economy is still concentrated in relatively few

hands. One of the goals of Social Democratic policy is to give employees a share in the

growing productive capital of the economy and also in this way to contribute to the

democratisation of the economy. (Vermögensbildung 1973)

Une he poposa, big opanies wou have been equie o anse pa o

hei pos o a ena un, whih wou hen have isibue hese eanings

o egiona uns. the apia supp was no o be in ash, beause he ai wasno o inoue a new ax bu o give wage eanes a shae in pouive apia.

the shaehoes, ha is, he wage eanes, wou have eee an asseb,

whih in un wou have appoine a govening ouni, wih one-hi o is

ebes epesening he pubi inees. the un’s shaehoes wee o eeive

eiaes ha ou be ashe ae 7 eas. fun apia was o be use o

invesens in inasuue.

this eision ean ha he ae union an poiia pas o soia eoa

wee now unie behin he pinipe o a wage-eane-onoe oeive un

sse o apia buiing. A he sae ie, eah o he soia eoai aos,

ha is, ae union oveen an pa, was ivie inena.

Wihin he dGB hee was a song inoi agains he apia oaion

uns, wih Inusiegeweksha mea (IG mea) he oinan opposiiona

voie. the posiion o IG mea was ha oeive apia oaion hough

po-shaing ou ha he sugge o highe wages an geae o-ee-

inaion. fo IG mea, aive wage an ax poiies an he sugge o

o-eeinaion wou bee u he ais o he poposas o oeive apia

oaion (fues, Hee, an Sasse 1997). A ve ieen posiion was aken b he SPd’s ouh wing, he young Soiaiss (Jungsozialisten), who a hei

ongess in 1970 eae ha, “apia poi, ax poi an o-eeinaion

poi ae insepaabe . . . A hange in he sanaous isibuion o weah an

on be ahieve hough inuswie po-shaing” (fues, Hee, an

Sasse 1997, 70). the heeoe popose a oeive un sse wihou

iniviua eiaes.


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the SPd eaeship now ha he ask o haning he ieen sos o iiqueswihin soia eoa an a he sae ie woking in a govenen oaiionwih he ibea fee deoai Pa (fdP). the fdP posiion egaingoeive apia oaion was ha un buiing shou be in ash o, wihiniviua shaes ha an be so ae 3 eas, an he uns shou be inuein he nania ake. the fdP aso spoke abou seui o pivae pope an

he o apia ownes. the onsevaive chisian deoai Union (cdU) asoha poposas o oeive apia oaion in he o o “pesona aessibe join pope in pouive apia an agains oeive pope” (fues,Hee, an Sasse 1997, 32), whih ean individual wage-eane shaes o pos an apia. the coneeaion o Gean Epoes’ Assoiaions (BdA)was he ao os iia owas oeive apia oaion an aake“dGB eos o sniaise he eono . . . In he oeseeabe uue, houghsuh opuso anse hese uns wou even un ino ajoi shaehoes”(Habah 1973, 18).

A he ie o he dGB an SPd poposas in 1972–1973, he oeive apiaoaion uns wee being iiise boh b bougeois aos an b aoswihin soia eoa ise. the SPd eaeship, being in a oaiion wih hefdP, ha o peo a iu baaning a. the oaiion govenen in 1974eie in avou o a pan ha unaena iee o he dGB an SPd poposas an was oe in ine wih he fdP’s feibug pogae. this poposashowe ha he inena dGB opposiion iven b IG mea ha gown songe.Bu, uiae, in sping 1974 he new haneo Heu Shi eae haeven his fdP-oiene pan wou no be ipeene (Habah 1977).

Ae ha, he Gean isussion on oeive apia oaion uns oeonoi eoa ae awa. O pehaps one an sa ha he issue eigaeo Sween, whee i was bough ino he Sweish isussion b a Jewish Geaneugee, ruo meine, who e o Sween ae he reihsag e in 1933an ae beae one o he os ipoan heoiss in he lO, he Sweishounepa o he dGB.

Wage-Earner Funds (WEFs) in Sweden

Sweish soie was heavi ake b he WEf ebae o abou a eae(Sjöbeg 2003, 2004). the Soia deoai Pa (SAP) was in powe o1932 o 1976. One o he onesones o he Sweish weae oe was heSoia deoai abou ake poi, base on aive easues o uepoen obine wih he so-ae soiaisi wage poi. the piaahies behin his poi wee Gösa rehn an ruo meine, boh wokinga he Sweish tae Union coneeaion (lO).


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Howeve, a he en o he 1960s, i beae ea ha he soiaisi wage poi aso enaie negaive onsequenes o he wokoe. In high-poseos, his ean ha apia ownes go even highe pos—wha wee o beae “exess pos.” One ou see ha even hough he Soia deoai“peope’s hoe” (folkhemmet) ha ean api ineasing iving sanas ohe woking ass, he onenaion o apia, pope, an powe in he hans

o big apia ownes was ineasing. In he ae 1960s, hee was aso a wave owia sikes in Sween, beon he ono o he lO, poining o he a haipoving iving sanas, soia weae, e., i no ean eoaisaion owokpaes wih ea inuene an powe o wokes.

the lO ha o o soehing o ea wih his siuaion. In aoane wiha eision b he lO ongess in 1971, he oneeaion’s boa appoine awoking goup haie b meine. the woking goup pesene is s poposain Augus 1975 (meine, Hebog, an fon 1975). In his s epo, hee was aie ous on exising powe an pope oniions an how o unaena

hange he. the meine Pan ae o he esabishen o seo-base“WEfs” saing ha hei ain pupose was o eoaise he owneship oSweish enepise an ha, in ie, he ajoi o shaes in age opanieswou be owne b hese uns.

A po-shaing oe was popose ha wou shi he owneship an powesuue o opanies wihou inuening hei iquii. One an easi seehe inuene o he dGB isussions on oeive apia oaion. Une hemeine Pan, a eain shae o he annua pos o big opanies (he wokinggoup ake abou 20%) wou have been ansee o WEfs as new issue

soks in hose opanies. tha wa he pos wou no have e he opanies bu eaine as aive apia. B eaing he auae po shae su o heoa aoun o soks in he opan, he aoun o new shaes ou have beenesabishe. Iniviua eiaes, suh as hose in he Gean poposas, weeabanone base on he aguen ha he wou be onsue an heeoewou no ea o a ea hange in unaena powe an pope eaions. theun sse was o opise on opanies wih a eas 50–100 epoees beause powe an pope ae onenae in age s.

I was popose ha he WEfs be onoe b epoees hough hei ae

unions—he ebes o he uns’ boas wee o be appoine b he unions.funs wee o be bui up in ieen seos o he eono, opising a ageopanies in eah seo. Ha he union epesenaives on he boa o eah unwee o be appoine b unions oganising epoees in he eevan seo anha o ohe unions, wih soe epesenaion o he pubi inees as we.the un epesenaives on eah opan boa wee o be join appoine b he un boas an he oa ae unions. moe peise, he un boas


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wou appoin he epesenaives, wih he unions having he igh o noinaean veo aniaes. Bu uni he WEfs exeee 20% owneship, unions wouheseves appoin he WEf epesenaives (meine 1978). A he shop ooeve, a-eahing se-eeinaion was envisage, opeening ahe hanonaiing he co-deeinaion A o 1976.

this oigina WEf oe wou have ean ha he oeive un shae o

age opanies wou have gaua inease in eaion o pivae shaes. thewoking goup esiae ha in 20–40 eas age Sweish opanies wouhave been ajoi owne an onoe b he WEfs (meine, Hebog, anfon 1975).

An eaboae o o his poposa, Kollektiv kapitalbildning genomlöntagarfonder , was aope b he lO ongess in June 1976. the poweuae union oneeaion, oganising soe 90% o he bue-oa wokoe,now soo behin he WEfs ha aie o bui eonoi eoa. the whoeoganisaion o boo o op was ve enhusiasi. In he lO pess, ou ou

ea heaines suh as “Wih he uns we ake ove!” an “this is how we wiake powe o he ownes o apia” (Sjöbeg 2003, 130). In an ineview ohe ae union pess, meine sae ha, awing on max an Wigoss, i washis onviion ha ea eonoi eoa was no possibe wihou hangingunaena owneship an pope oniions ( Fackföreningsrörelsen 1975).

In Sepebe 1976, he Soia deoas os he paiaena eeion,obaining 0.8% ess suppo han in he pevious eeion. the oss ean ha ohe s ie in 44 eas he SAP was eove o powe. Insie he pa, heewas a age aoun o sepiis owas he WEfs, espeia when i ae o

he eaeship. the uns wee onsiee a eviaion o assi eois.Oo Pae, he SAP eae, oen seee ve abivaen abou he whoe iea oWEfs. theeoe, an hough he eea was ue o he un issue. Aewas,howeve, i was shown ha i was pobab oe ue o he uen aoi enegissue han he WEfs issue.

meanwhie, Sween’s ain ounis pa, he le Pa couniss(VPK), whih ha sae on he sieines in he beginning, ae iiis o hee whie being enie paiipaion in he govenen b he Soia deoas.the VPK’s iique was siia o ha o Gean’s IG mea, poposing ie

naionaisaion, aive wage sugge, an aia o-eeinaion. Anoheipoan ao was he whie-oa union Sweish coneeaion o PoessionaEpoees (tcO), whih oigina was eepive o he iea o WEfs, bu ae beae paase b inena onis.

the bougeois aos an he pess wee shoke b he oigina 1975–1976lO wage-eane poposas. the heaines o ai newspape Dagens Nyheter onAugus 28, 1975, shoue ou “revouion in Sween!” an ae Dagens Nyheter


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an he evening pape Expressen on Augus 17, 1976, ha heaines asking, “Is hishe os angeous an in Sween?” (beneah a piue o ruo meine). theconsevaives ( Moderaterna) ha sai “No” o he beginning o a os ooeive un buiing, an he onsiee he oigina poposa a “soiaisaion”o Sweish enepise. the ibea paies, he Peope’s Pa ( Folkpartiet ) anhe agaian-oiene cene Pa (Centerpartiet ), wee, a he ouse, oe open

o isussions abou oeive uns. Ae inena obiisaion, he epoes’eeaion (SAf) an ohe oganisaions epoe eenous esoues in heieoogia sugge, esuing in a seies o ani-un apaigns, an b he beginning o he 1980s, a ajo bougeois aos in Sween wee unie againshe “soiais uns.”

Ae he 1976 paiaena oss, he lO an he SAP oe join wokinggoups o e-evauae he WEf poposa. In 1983, he SAP, bak in govenen,na pu owa a bi onene wih WEfs, whih was hen aope b he paiaen ( Regeringens proposition 1983).

Howeve, he WEf poposa ha was ipeene was ve ieen ohe oigina lO poposas. the issue o eonoi eoa an he ai oansoing powe an pope oniions ha ae awa. the uns wee nolonger o ai a ajoi owneship o opanies—he ou eah a axiuo on 40% o he shaes in a opan. moeove, he po shaes ou noonge be ansee as soks, bu as ash, o be invese in inus. the ain pupose was now o supp opanies wih invesen apia. In 1991, whena non-soiais aiane one again ook ove he govenen, one o hei sas was o issove he WEfs whih ha auuae an o use hei nania

esoues o se up ounaions oussing on eseah.

The Question of Hegemony in a Changing Mode of Production

the Sweish WEf sugge was a powe sugge ove hegeon in he Gasiansense o he onep, oveing a eves o he soia oaion: eono, poiis,ieoog (Gasi 1975). Aos wih ieen sengh an powe esouesonone eah ohe in a hegeoni sugge, whee he bougeois aos inie anage o unie as a hegeoni oe, wih a oon wi o onsiue

he oinaing oe in soie. the abou oveen neve anage o unie assuh a oe. this hegeoni poess was eae o uneing soiea aos, powe an pope oniions, an ass eaions in hei insiuionaise o,hough oeive aos. the bougeois oes, boa unesoo, eene heoinaing “noa poin” (laau an moue 1996) ha egiiaes apiais pope oniions, a noa poin ha was heaene b he abou oveenan he (oigina) WEf poposas. this oe issue o pope oniions an he


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pivae owneship o apia, big opanies, an he eans o pouion, wase ousie he “hisoia ass opoise.” the oigina WEf poposas eanhe quesion was bough ino he agena b pas o he abou oveen, buwihou suess. duing he WEf sugge, ieen ieoogies wih onaiing posiions onening pope oniions onone eah ohe, e bougeoisieoog pevaie on his noa poin.

Whie he ivie Sweish abou oveen aie o o a hegeoni bo, he bougeois bo (boa ene) gaua sueee in oing aunie hegeoni oe. As he aguens an posiions o his ene–igh bosoiie—hepe b he inenaiona thahe–reagan igh-wing wave— an he aak on he WEfs inensie, he ivie abou oveen was puineasing on he eensive an is aguens beae weake an weake.labou sip ou no wihsan he onsaugh, whih expains he gauaansoaion o he uns an he na bougeois vio. the ipeenaiono he oigina lO poposas 1975–1976 wou have ean a ansoaion o

he apiais suue in he ieion o eonoi eoa an soiais, inhe eaning o a sse whee oon owneship is pevaen an whee aage opanies ae oon owne. Bougeois ass ineess wee heaene,so a hegeoni bo was obiise o pu ounepessue on abou. the WEfsugge, boh he poess an he ouoe, was a hegemonic turning point (Sjöbeg 2003) in pos-wa Sween.

In unesaning he hanges an he ouoe, one aso has o ake inoonsieaion he hanging eonoi oniions in Sween an inenaion-a. the Sweish, ike he Gean, pos-wa eono ou boas eenous

ahieveens, enough o boh aise woking-ass iving sanas an ineaseapia gowh o business ownes. this was he bakgoun o he issue ooeive apia oaion o he bene o epoees. Howeve, b he iehe Sweish WEfs wee na ipeene, hings ha hange. the woeono, an o a age exen he expo-epenen Sweish eono, ha beensuk b oi ises, so i was no onge a siuaion whee “exess pos” weeineasing. this aso expains wh he ous o he WEfs go wise as i i. Onean see ha eonoi aos ha a uia ipa on eveopens a he poiiaan ieoogia eves.

deveopens o he ie o he un ebaes in Gean an Sween unioa’s siuaion ae he esu o a opex obinaion o eaive auonoous(Ahusse an Baiba 1975; Pouanzas 1975) poiia an ieoogia aos,inuing ong-e poesses in he apiais oe o pouion. the Geanan Sweish poposas o oeive apia oaion wee aise wihin heaewok o wha heoiss o he “reguaion shoo” (suh as Agiea 1979;Boe 1990; lipiez 1988) haaeise as he fois auuaion egie


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an eguaion oe. this egie was haaeise b ass pouion, neau epoen, innovaions in ehnoog an he wok poess, ineasing pouivi, eonoi gowh, an ising aes o po eaing no on oineasing wages an iving sanas bu aso onenaion o apia. the foiseguaion oe ha oespone o he auuaion egie was haaeise b a bueauai weae sae a he naiona eve, soia egisaion, eois

ass paies, an he opoais “fois opoise” beween abou anapia, wih he sae as a eiao o insiuionaise onis (Häuse anHish 1987). Kenesianis unione as he heo oesponing o his oeo eguaion, iigaing ises an onis an sabiising he ass opoise,whie eaving he oniions o pope an apia onenaion unouhe.

duing he 1970s, he oi isis, inenaiona eonoi ises, an neo-ibeaieoog an poiis esue in a isis o he fois oe o pouion anhe beakown o he Kenesian oe o eguaion. An ineasing gobaiseoe o pouion an a “ansnaiona high-eh apiais” (Haug 2001) wee

eeging. the apia auuaion oe bus ou o he soia eguaion oein whih i eveope an unione (Häuse an Hish 1987, 653). A suuaisis o he auuaion egie eans soia an poiia onis an soieahanges, a poess o seahing o a new auuaion egie an soiasuues. Aoing o his ine o hough, a Pos-fois egie was eveoping,haaeise b new opue-base ehnoog in pouion, isibuion, anainisaion, ineasing aionaisaion an auoaion, a “Pos-taoisi”wok poess wih exibe speiaisaion an agenaion, iniviuaisaion,an ineasing unepoen. this e o a Pos-fois eguaion oe wih

new os o oganisaion o inusia an nane apia on he inenaionaeve, inenaionaisaion o opoae onenaion poesses, gobaisaion oabou-apia eaions, ibeaisaion an eeguaion o apia ows, an heissouion o naiona fois opoais (Häuse an Hish 1987, 653).

these poesses o unaena hange in he oe o pouion, haaeise b ineasing eonoi gobaisaion an neo-ibea ieoog an poiis, haveesue in he issouion o he whoe fois opoise an hegeoniasuue, eaning unaena hanges in he weae saes, inuing euionan agenaion o soia insuane povision, eeguaion, an pivaisaion

an a eeasing eve o pubi sevies. foowing his heoeia ine o hinking,he poess o hange o a fois o a Pos-fois auuaion egie aneguaion oe aso ipies a isis o even issouion o ass paies an heise o an Aeianise pa sse (Haug 2001). We wi isuss he ong-e poiia ipiaions ae in he ex.

fo a ong peio, he fois auuaion egie anage o spee up heeono a he sae ie as he eguaive opoise e o a api ineasing


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W R P E V. 5 N. 4 W 2014

onenaion o apia an ounes. the Gean an Sweish oeive un poposas o he 1960s an 1970s wee saegies o eonoi eoaha eege o he ises o his egie. B he 1970s, i beae ea hahe fois hegeonia suue, an he ass opoise esigne o sabiisei, hi an unesove ipii oni. the un saegies wee a esponse ohe hanging oe o pouion, aiing beon he fois egie an he

opoais opoise.dawing on max, one an sa ha apia in he Pos-fois auuaion

egie is geing oe an oe soia in is haae—wih, o exape, vaiousinsiuionaise os o pension an insuane uns—whie he oniionso is owneship an ono ae si o a pivae haae. tha is he kin oonaiion max peie wou ea o he aboiion o he apiais oe o pouion. the eveopen is, howeve, no jus an ouoe o pue eonoihanges in he eans o pouion; i is awas in he na anasis he esuo he eaions an onis beween he oganise hegeoni oes an hei

opaaive senghs. coeive apia oaion aiing o anso he oeo pouion nees o be pushe owa b a unie hegeoni oe in oe osuee. tha is a uia poin ha we wi eun o ae in he ex.

the Gean an Sweish un saegies sough o unaena ansohe fois auuaion egie an eguaion oe, bu he abou oveenneve sueee in onsiuing a hegeoni bo. looking a he aos wihinhe Gean an Sweish abou oveens, one an n boh ieenesan siiaiies. A unaena ieene was ha in Gean he SPd hao opoise wih he fdP, whie in Sween he SAP “on” ha o gain he

passive suppo o he le Pa couniss. Howeve, in Gean, an SPdongess passe a esouion in avou o oeive apia oaion uns, wih po-shaing in soks, whih he Sweish SAP aso i in a oie o, buoe o oveoe he hisoia exepiona ivision beween pa an union.

In Sween he SAP neve i aop he oigina aia WEf poposa, whie inGean he SPd posiione ise ve ose o he dGB, wih he ieene hahe dGB was oigina eaning owas a oeive souion wihou iniviuaeiaes. In ha wa i sees he dGB/SPd was oe suessu in oing aoon pao han he lO/SAP. Anohe aspe was he inena spi wihin

he dGB, wih IG mea song opposing oeive apia oaion uns.In Sween he siuaion was he opposie, wih mea being he iving oe behin he oigina WEf poposas. I sees ipoan o ask, “How oe?” IGmea was in avou o he o-eeinaion ine. I avoue a so o unionasoiais, whie he Sweish mea popose a maxis-inuene pope inewih a ie ous on hanges in he unaena suues o he owneship oapia. mea eaise ha he oigina lO poposa was sse-ansoing a


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is oe, whie IG mea eae ha he eaive weak SPd wou neve be abeo ipeen poposas ike ha an ha he whoe hing wou hen ha heaive sugge o wages, o-eeinaion, e.

One eason o he unaena ieen IG mea an mea posiionsou be ha IG mea was no inue in a soiaisi wage poi o he saeegee as Sweish mea. I so, his ou ean ha mea onsiee he WEfs

o be goo o he soiai o he whoe lO oeive—his was aua one ohe guieines o he woking goup—whie IG mea onsiee i aaging ohe wage sugge o is own ebes. this nees o be eseahe uhe.

fo he expeienes wih oeive apia oaion uns in Sweenan Gean, one an aw he onusion ha o be abe o ipeen suha sse-ansoing saeg, he abou oveen an he le in he boasense have o union as a hegeoni oe. As soon as abou aises he quesiono ansoing unaena powe an pope oniions, i wi ae unie bougeois opposiion.

to be abe o one again pu he issue o oeive apia oaion an un buiing, an he wie quesion o eonoi eoa, on he agena, i seeshe le nees o pu pessue on he soia eoai abou oveen. to oso, he “o” le paies have o ipove an senghen hei eaions wih henew soia oveens an pose he quesion o anohe oe. the le has aesponsibii o pesen saegi aenaives o boh he new oveens an osoia eoa. this ou be a wa o senghen he obiisaion o eonoieoa wihin soia eoa.

fo he as hee eaes, hee has been siene aoun he issue o eonoi

eoa, even wihin he abou oveen. ye, he issue has pobab neve been as eevan as i is oa in igh o he goba isis ha has oke heapiais sse an he negaive ipas o gobaisaion on woking peope aniizens in he avane apiais ounies. Owneship an ono o apia, anhe eonoi powe assoiae wih i, eain onenae in an oigah oweah ownes, invesos, an nanies. deoaising his powe shou be he pie haenge o he le.

In woking ou new saegies o eonoi eoa, one an ienieeens in he Gean an Sweish un saegies ha ae useu an ipoan.

the saeg o oeive apia oaion is suua eois2 ha—onao assi soia eoai eois3 —ouses on unaena hanging heoe o apiais, he pivae owneship o apia an he eans o pouion.I is a suua eois ha has he apai o evouionise he apiaisoe o pouion, no as an ieiae beak bu as a a-eahing “poess oansoaion” (a onep eaboae b Bie, chapa, an Kein 2002; Bie anKein 2004; Kein 2004).


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W R P E V. 5 N. 4 W 2014

Trade Union Pension Funds: A Strategy for the Future?

In een eas, new pension un sses bui on a pivae an iniviua basis,insea o pubi an oeive, have been inoue in sevea ounies inEuope as we as ohe pas o he wo. this has e o he eegene o a newisussion aoun oeive apia oaion uns, so a ain aong le

ineeuas bu aso o soe exen wihin ae unions. I is a isussion abouhe possibiiies o using oeive pension uns in a pogessive wa, wheeheoiss o he Unie Kingo suh as robin Bakbun (2002) an rihaminns (1996) have ae paiua ipoan onibuions.

Aoing o auhos suh as Bakbun an minns, he huge aoun o wokes’auuae pension apia has he poenia o onibuing o he eveopeno a un-base saeg o eonoi eoa. One again, we an obseve aonaiion beween he ineasing soia haae o apia—in he sense o pension apia being he apia o iions o pension saves—an he pivae

naue o is owneship. theeoe, i has been ague ha ae unions hesevesshou eae oeive pension uns whee hei ebes a hoose o inveshei pension apia, insea o giving i awa o pivae onoe insiuionsan invesos.

One oe ou be paia siia o he meine Pan, wih un boaseoaia eee b ae union ebes. the union uns wou inveshe oeive apia in opanies in a vaie o seos. Aso, as in he meineoe, un epesenaives on opan boas ou be appoine join b heuns an oa ae unions epesening epoees in hose opanies. Union

uns ou use hei powe an inuene as shaehoes, o insane, o pevenhe osing own o poabe opanies o he oving ou o pouion oow-wage ounies. As he uns wou be eoaia anage, opanexeuives ou be iee o ake soia esponsibe invesens. reunsauing o he uns ou be use o vaious puposes, eie eoaiaahe han b pivae shaehoes pusuing hei pivae ineess.

the possibii o ae unions eaing hei own pension uns whee heiebes an pae pension apia wou, o ouse, ean a eenous aouno oeive apia in he hans o wokes hough hei unions. In his hee

ies a poenia o ea powe an inuene o abou, enabing i o aua akeove he owneship o age opanies his wa, whih is o sa “o wihin” heapiais sse ise.4

I is aso ipoan o eognise he awbaks o his kin o un saeg.A ajo objeion is ha he uns bu shaes an heeb onibue o akespeuaion as we as opan pos. thee is aso a isk ha union uns wien up on supping pivae business wih venue apia, no ea aiing a


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ajoi owneship an ea eoai shop oo powe an inuene. As anaenaive, robin Bakbun suggess ha he uns ou aso inves in pubi bons. tha wou, o ouse, ii he isks an ou signian onibue oneessa pubi invesens in inasuue, heah, euaion, e. Howeve, ione ea wans he uns o unaena hange powe an pope eaions,i is aso neessa o hange he owneship suues o business enepises.

thee is a noabe ea-wo exape o a ae union pension un hainvess in opanies wih he ai o senghening oa eonoies an euingunepoen, as we as ensuing ha opanies ee high soia an abousanas. this is he Quebe feeaion o labou’s Soiai fun, whihinvess he pensions o Quebe wokes in sa- an eiu-size opaniesaoss ha canaian povine. I has 600,000 shaehoes (i.e., ae unionebes an ohe iizens who have pension aouns in he un), hos equiin oe han 2,400 opanies, an has eae o poee nea 170,000 jobs(fons e soiaié es avaieus u Québe (ftQ) 2014b). Unike he meine

Pan, he fun oes no ai o esabish ajoi woke owneship o opanies:as a genea ue, i on seeks a inoi sake in he enepises in whih iinvess, ahough in soe ases i oes have ajoi owneship (ftQ 2014a, 9).

the boa o ieos o he fun onsiss o he heas o Quebe’s 10 agesae unions (who ae eee b hei ank an e), 2 ebes eee ie b fun shaehoes, 4 ebes o business, nane, an ivi soie, an he pesien hosen b hese ieen goups.5 Suh a govenane suue poviesa eain egee o eonoi eoa, wih union ebes, shaehoes, anvaious inees goups being epesene on he boa.

I sees ha he os ipoan hing oa is o een an eonsu he pubi pension sses as we as ohe pubi seo suues. tha is a ong-e poess ha wou nee a sabe le ajoi o a ong peio. Bu in ouniesaking pubi pension shees, whee pension apia is onoe b aos inhe pivae apia ake, union-onoe pension uns igh be a oe oonsie. Howeve, he uia quesion eains o whehe ae unions shouake on he esponsibii o invesing hei ebes’ pension savings, wih heisk o eeasing he vaue o he apia.

Societal Funds: A Strategy for Public Capital Formation

Insea o using pension apia, hee ae ohe aenaives o oeive apiaoaion aiing owas eonoi eoa. the meine poposa o WEfswas iiise o one-sie avouing ae unions an o giving unions wo poenia oniing oes—as eenes o wokes an as epoes houghhei owneship o opanies. An aenaive appoah ha wou subsania


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W R P E V. 5 N. 4 W 2014

avoi his pobe is wha has been abee “soiea uns” (Sjöbeg 2002,2004). Une his oe, i wou be possibe o bing abou a baane beweenhe ineess o wokes an he wie ineess o he soie. these ineess oenoveap, bu a ies he ae in oni. ceaing suh a baane was a he heao “Gui Soiais,” eveope b he Biish soiais heois G. d. H. coe inhe ea 20h enu (coe 1917, 1920). He ie o esign a oe ha wou

esabish a baane beween poue an onsue ineess. coe envisage hesae owning he eans o pouion, bu woke-onoe guis having ei-sion-aking powe in he pouion poess. Inspie b Gui Soiais, heiea o “soiea uns” is a vaiaion o he oigina meine Pan ha obinessoiea owneship wih wage-eane inuene.6

Soiea uns wou be pubi owne insiuions bui up on a egiona basiswihin iniviua ounies, wih a naiona eveing un o ounea egionainequaiies. Eah un wou be anage b a boa wih ebes appoine bhe eevan egiona egisaive bo an ou aso inue ebes appoine

b he naiona paiaen, ae unions, an ivi soie oganisaions. theapia supp o a given un wou be bui up using he ingenious meineehanis esibe eaie in his aie: a eain peenage o he annua pos o age opanies (e.g., 20%) wou be ansee o he un, no inash o, bu as new issue shaes in he opanies onene. this wa he pos wou no eave he opan bu eain as aive apia. B eaing heauae annua po shae su o he oa aoun o soks in he opan,he aoun o new shaes an be esabishe. theeoe, he owneship an powesuue o opanies wou shi wihou aeing hei iquii.

When a soiea un ahieves a eain eve o shae owneship in a opan,i an sa having epesenaives on he opan’s boa, inuing soe hosen b he epoees. When i eahes ajoi shae owneship, i an appoin he boa haipeson whie he wokes hoose he anaging ieo an oheop anageen peope esponsibe o a-o-a aiviies. In his wa, heewou be a baane beween soiea ineess an epoee ineess. thoughhis saeg, apiais pivae powe an pope wou be gaua ansoeino eoai an oon owneship, powe, an inuene ove a peio oeaes. As wih he oigina WEf poposa, i wou ake 20–40 eas (epening

on annua po eves an he shae peenage) o a soiea un o obain aajoi sake in a given opan.

Suh a un saeg o eonoi eoa wou obine he baane popose b gui soiais beween pubi powe an wokes’ powe, an beween a ao ous on pope oniions an a io ous on shop oooniions an o-eeinaion. this powe-shaing oe ou aso hep wih pevening goup seshness in suessu opanies.7 Soe basi suues


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o he esie soia sse wou aea be oun in he onsuion o hesoiea uns oe. this wou be a pe o suua eois whee he newsse gows ou o he pope oe o he apiais sse an ansos io wihin.

the wo oes ouine above have eain awbaks. Besies he pobesaea enione, he union un appoah pesues a high egee o pivae

seo unionisaion in a given oun as we as a high egee o pubi suppoo oeive union inuene ove age opanies. In he Euopean Union (EU),he eve o pivae seo unionisaion (“union ensi”) vaies gea: o 67%in Sween o on 14% in Biain, 5% in fane, an 3% in Poan (depaen o Business Innovaion & Skis (BIS), UK Gov. 2012, 11; Euopean Inusia reaions Obsevao (EIrO) 2008; Euopean tae Union Insiue (EtUI) 2013;Pubi Opinion reseah cene (cBOS) 2006, 4). Bu he Sweish expeienewih he meine Pan shows ha even in a high-ensi oun, pubi suppoan be ukewa—aeping unions as eenes o wokes, bu no as ajoi

ownes o age opanies. the Soiai fun has subsania pubi suppogiven ha Quebe has eaive high union ensi an is union-ien, bu hefun oes no ai a ajoi owneship (diekee 2005).

regaing soiea uns, he have he sae basi awbak as meine’sWEf ehanis: i wou ake an eas, even eaes, o he uns oaain a ajoi onoing sake in opanies. In he eanie, an hingsou happen: o exape, he ou be shu own an jobs ousoue o aowe-wage oun. Anohe pobe ha ies in he owneship suue is haune he soiea uns pan, wokes on’ have a oeive owneship sake

o hei own, ahough he o have gowing se-anageen ighs. So his ishe opposie o he pobe we have wih he WEfs, whee hee is no soieaowneship sake an whee soia ono ove opoaions, as oppose o aeunion ono, is no ea esabishe. I anno be assue ha soia an aeunion ineess wi awas oinie.

Citizens Investment Funds (CIFs) and Citizen–Worker HybridOwnership: An Alternative Strategy for the Future

to avoi hese awbaks, anohe opion an be oneive, one ha obinessoiea owneship an woke owneship an uiises a shou, as i wee, osubsania eue he ie equie o esabish soiea an woke owneship.this opion, ike he ohe ones, wou app o he ages shaehoing opoaionsabove a eain size (base on unove o nube o epoees). Une his pan,a cIf ou be se up in eah EU ebe-sae as a so o naiona ounaion— an he cIfs ou be inke ogehe une a Euopean ciizens Invesen


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W R P E V. 5 N. 4 W 2014

fun (EcIf). the ciizens funs wou be given ieiae owneship o up toone-third o eah opoaion in he ene goup o age opoaions. A hesae ie, oeive woke equi wou be gaua bui up in eah o heseopanies as pe he meine Pan via WEfs uni he obine cIf–WEf sakeeahes a eas 51%.8

the cIf onep buis on a nube o exising an popose insiuions.

fis, i expans o a age ui-enepise sae he owneship o opanies b ounaions, an exapes o whih exis in Gean an Saninavia(inuing aous s suh as Bosh).9 A vaiaion o his oe is he woke-onoe haiabe us ha owns he suessu So Bae heia in Biain (dube 2012; So Bae copan l 2013). Seon, i appies in aieen wa he ui-enepise oe povie b he Quebe Soiai fun,whih we have aea exaine. thi, i buis on he onep o he “Pubitus” popose b Aeian poiia eonois Ga Apeoviz (2005, 71, 73)as a naiona insiuion aounabe o he pubi ha wou ho shaes in age

opoaions. fouh, i aso akes soe inspiaion o he onep o “Saetus Owneship” popose b Biish poiia soioogis luke mae, as weas his aenaive onep o “Non-Sae Soia Owneship” (mae 1990, 17–18).

the ieiae anse o a age sake in hese opoaions ou be ahievein ieen was. One opion ou be agee pubi invesens in buing oshaes in pia inusies o pubi inees. Anohe pehaps oe onovesiaeho igh be ha he sake ansee o a naiona cIf wou be pai osip b abolishing corporate taxation on he opanies onene. this ieao onveing axaion ino equi is base on a poposa ae b visiona

Gean–Biish eonois E. f. Shuahe in he 1970s.10 the peenage ofun owneship in eah oun ou be equa o he opoae inoe ax inha oun.11 the evenues o equi owneship epaing he oegone axeswou si be aoae o pubi inees goas, bu hough he ciizens funs.An unike axes, cIf owneship anno be evae, no an an euions beaken. As o he WEf aoaions, he wou wok as a so o weah ax, havinghe bigges ipa on he bigges shaehoes (Bakbun 2005), bu wou noae he iquii o he opanies onene sine hese pos wou eainwihin he as aive apia, as wih he oigina meine Pan o he soiea

uns pan.12I a opan’s aveage annua po is, o exape, 5%, he join cIf–WEf

ajoi shae wou be ahieve in 20 eas (insea o 75 as in he meine-pan), bu wih a 10% po ae, i ou be eahe in 10 eas. Bu aea beoe ha,he join cIf–WEf shae ou obain a onoing sake in he opan, sinein an ases on a puai is suien o ake eeive ono o a opan,espeia i he eaining shaes ae oe wie ispese aong an


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shaehoes. An i wokes’ o-eeinaion is ae o he piue, pehaps

aong Gean pai pinipe ines, join iizen–woke ono o opanies

ou be esabishe ieiae upon ipeenaion o cIf owneship.13 I

a be objee ha aboishing opoae axes o a age shaehoing s

subje o cIf owneship wou eue he uns avaiabe o pubi seo

pogaes an pojes. In a, opoae ax is no suh a age soue o sae

evenues in Euopean ounies, o exape, onsiuing on 7.4% in he UnieKingo an 6% in Sween (Insiue o fisa Suies 2012, 5; Sweish tax

Agen 2011, 13). Bu in an ase, age pas o he cIf’s evenues o equi

owneship ou be hannee ino he pubi seo as wih axes, an he join

cIf–WEf evenues wou exee he oe opoae ax evenues, given ha

no ax euions wou be avaiabe an no ax evasion wou be possibe.

the cIfs wou be auonoous pubi boies oveseen b naiona paiaens.

thee ae vaious was ha hei govening ounis ou be suue. One

possibii is a hee-wa ivision, wih one-hi o he ebes hosen b

paiaens, one-hi b ciizens Eonoi Assebies (cEAs), an heeaining hi b ivi soie oganisaions.14

Suh a ipaie suue wou enabe iizens o see he cIfs hough hei

poiia epesenaives, hough ie “Ahenian-se” boo-up eoa15

an hough a vaie o ivi oganisaions avoaing o vaious pubi an goup

ineess oun aong he iizen. the cIfs wou heeoe enabe he exeise

o genuine soia owneship an ono, ensuing ha whie opanies genea

union as auonoous eniies he a boa in he pubi inees. togehe

wih wokes’ epesenaion hough WEfs an o-eeinaion boies, his

pe o aangeen wou aow o epesenaion o wha luke mae (1990,

9) as “a aee ineess,” ha is, a ineess aee b enepise eisions

an aions. regaing he EcIf, is Govening couni ou have a suue

siia o he naiona cIfs, wih one-hi o is ebes hosen b he Euopean

Paiaen, one-hi b he Euopean Eonoi an Soia coiee, an he

eaining hi b he naiona ciizens Eonoi Assebies.16

Having ooke a hei owneship shaes an hei suue, e us now

exaine he unions o cIfs. the cIfs wou see opanies o ake soia

esponsibe eisions ha seve woke, onsue, an iizen ineess whie siaking a po b pouing quai pous an sevies o he ake.17 moe

speia, cIfs wou (1) onibue o keeping unepoen own b ensuing

ha opanies inves an hie when he have he nania apai o o so; (2)

see opoae invesen ino pioi egions an eonoi seos; (3) onio

pa saes an ensue ai ieenias wihin opanies; (4) ensue aheene o

abou, pou, an envionena sanas;18 (5) ensue ha opoae eisions


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W R P E V. 5 N. 4 W 2014

have inia soia oss; (6) axiise use an eveopen o enewabe enegsoues; an (7) ipeen an ohe eoaia se goas.

Anohe ajo ask o cIfs wou be o inves o he oon goo wha heean o hei shaehoings. these eanings wou onsiue a subsania pooo oeive apia ha an be spen in a vaie o was o bene he pubi aage, woking peope, an ouniies. Naiona paiaens wou have o a

own soe goun ues egaing how cIf uns ae o be epoe. Iea, hecIfs shou be decentralised , wih a age pa o hei esoues aoae a hesub-naiona eve base on egiona an oa pioiies. Pa o he uns an behannee ino aiiona pubi spening (inasuue, heah ae, e.), whieanohe pa ou be isbuse as gans an oans o suppo woke buouso sae opanies an aso o aunh new opanies (as neee o obaunepoen an boos oa eonoies), wih cIfs eaining a onsieabeowneship sake an hei wokes aso having a sake an paiipaing inanageen.19

moeove, he cIfs ou have hei own newoks o pubi banks ha povieei on avouabe es o soia esponsibe woke-owne businesses,oopeaives, e., ha ae no subje o he cIf–WEf hbi suue. Wokeoopeaives an ohe epoee-owne s oen have pobes aessingapia hough aiiona banks. this is a vaiaion on poposas b wies suhas mihae Käke an davi Shweika who a o ax-base soia invesenuns ha ae isbuse as eis an gans b pubi banks o enepises baseon se ieia (Käke 2008; Shweika 2002, 50–56). As o he WEfs, heishae o owneship wou enie wokes o he oesponing shae o ono

ove enepises subje o he cIf–WEf suue.20

Collective Funds and Multinational Companies

One o he oe opex aspes o he pes o oeive un owneship wehave ouine above is he quesion o uinaiona opanies. How an soieaan woke inuene be bough o bea in a goba eono u o ansnaionaopoaions? Neo-ibea gobaisaion has ean ha, in os ounies aounhe wo, hee ae opanies ha ae who owne o ajoi owne b

oeign-base opoaions. An sse o oeive uns has o oe o eswih his phenoenon.

We an envisage wo pia senaios: one whee a opan base in aoun wihou oeive un owneship owns a subsiia in a oun haoes an he ohe whee he siuaion is evese. the opanies in quesion, oouse, wou have o oss whaeve size hesho is se o un owneship o beoe appiabe.


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In he s ase, he subsiia ou be subje o un owneship jus as i i

wee a oesi , so in ee he oeign paen opan an he oesi

oeive un wou be join ownes, wih he un’s inuene epenen on

is owneship shae.21 In he seon ase, he oesi oeive un an have

inuene ove he oeign subsiia, epening on is owneship shae an he

exen o whih he opoae suue o he opan is enaise. the un an

push o he subsiia o aise is abou an envionena sanas. Geneaspeaking, oeive un owneship o uinaionas base in eveope egions,

ike he EU, ou have a ajo ipa on ipoving he behaviou o hese

opoaions wowie.22

The Path to Economic Democracy

Having ooke in soe eai a wo Euopean aeps o aunh oeive

apia oaion o gaua anse owneship an ono o apia o woking

peope—inuing he ebaes aong vaious aos—an vaious aenaiveoes o oeive apia oaion ha ou be pusue in he uue, we have

o onsie he eonoi, soia, an poiia oniions neessa o ake a new

an boae push o un-base eonoi eoa a eai.

cea, we ae a ong wa o he 1970s when aia souions wee seious

onsiee b soia eoai an le paies an hei ae union aies. We

ae iving in a ieen wo, one whee he neo-ibea paaig has beoe

oinan. B an age, soia eoai paies an be onsiee he soia

wing o neo-ibeais, ahe han oes ha oppose neo-ibeais. the New

le aiais o he 1960s e a song ipin on he 1970s. the ouh wings

o soia eoai paies oninue o ake aia eans. lage seions o

he ajo ae union oneeaions ae o aia seps owas hanging he

suues o eonoi powe, espeia in Gean an Sween. An wihin he

ain soia eoai paies heseves, hee wee aso song voies aing

o geae eonoi eoa.

ye, even in he 1970s, i was iu o ge oeive apia oaion

poposas aope b soia eoai-e govenens beause o ivisions

wihin he soia eoai paies an he ae union oveens an aso osoe exen ue o he eaiies o oaiion govenen, whih was he ase in

Gean. these ivisions enabe he po-apiais oes o oun a unie

hegeoni opposiion o poposas o avane eonoi eoa hough

woke-onoe oeive uns. these poposas heeoe ae o a poiia

ea en. the goba neo-ibea sunai was soon on is wa, hiing wih u

oe in he 1980s.


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So wha hope is hee in his seon eae o he 21s enu? O ouse,hee was he nania isis ha suk he wo in 2008–2009, whih o a ageexen was he esu o he eaie ieoogia wave. the goba eonoi isisshou have been a gosen o he le, giving i he bes oppouni in aneaes. Aea in he 1990s, hee was a New le-se eviva o sos in heo o he ani-gobaisaion oveen. Inee, hee has been a e-oweing o

opposiiona oveens an poiia aivis aoss Euope, he USA, an uho he es o he wo.23 Howeve, in he ae o he isis, he ainsea lehas been paase, unabe o oe up wih a poweu esponse. I eains ai,wihou esh ieas, wihou a vision. conepoa soia eoa is ain a pa o he pobe, no he soue o a souion.

Sine he 1950s, soia eoa has unione as a so o ouneweigho even opeen o he eonoi uneoa o apiais. Bu wih hehegeoni ise o neo-ibeais, his oe has been iu o susain. Soiaeoa has wihee une he pessue o neo-ibeais an neo-ibea

gobaisaion (dube 2012). Having aie ove he eaes o ake he suueso eonoi powe, i unwiing pave he wa o he neo-ibea asenanan he gowing powe o he opoae oigah, wih he esu being he eosiono soia eoai ahieveens, he abou oveen, an wokes’ ighs.

ye espie he weaknesses o Euope’s age soia eoai, soiais, anabou paies an o is ae unions, eonoi eoa anno be pu on heEuopean an inenaiona agenas wihou hese aos. A he sae ie, hehave o aise he whoe quesion o he suue o eonoi powe an he neeo is eoaisaion i he ae o seious haenge he neo-ibea hegeon

whih oninues espie he isis. Inee, eoaisaion o eonoi poweshou be he oe ask o he le. Euope’s ainsea le paies an aeunions wi nee o ake eonoi eoa a ena pa o hei agenas an pogaes—i is he vision he nee o gain a new eevane an a new vigou.

this poins o he neessi o esabishing “beahheas” o eonoi eoawihin he ainsea le paies an he age ae unions o whih uheavanes an be ae. A newok wi have o be bui aoun avoa oeonoi eoa, inuing oeive un-buiing souions suh as heones isusse in his aie. this newok wi nee o inue peope o ohe

insiuions suh as pogessive ounaions, insiues, an newoks, pogessiveeonoiss, as we as vaious gassoos aivis newoks an goupings.

In Euope wih is hisoia song abou an le oveens, an EU-wiesaeg wi be neee o avane eonoi eoa. to ae he onenae powe o he Euopean opoae oigah an hose woking o i (poiiians,eia, hink anks) he le us a in a onee anne, oing a hegeoniEU-wie bo, opising le, soiais, an soia eoai paies. One o


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he os ipoan onusions o he anasis o he Sweish WEf issue anhe hegeoni uning poin is ha he hegeoni oe nees o be song enougho ounea a poenia Sweish-se obiisaion e b business oes, onhis ie happening on an inenaiona sae. We ae a ong wa igh now ohe le uniing aoun a oon vision an saeg, aing in a sseai aneeine wa o ake he vision a eai. Bu i has o be one i neo-ibeais

is o be eeae an apiais ansoe ino a uh oe eoai ansoia oiene eonoi sse.Given he ansnaiona naue o apia in his ea o gobaisaion, eo-

aisaion o apia us aso be ansnaiona, o oe peise, i shou besuue so ha i an ee he haenges o boeess, high obie apia:an sses o woke- an iizen-onoe oeive uns us inopoaea high egee o inenaiona inkages. Ohewise, naiona un sses wou be vuneabe o eos b ansnaiona opoaions an nania insiuions oa ou song ouneeasues. the uns in an pe o oeive un ssewou have o be inke ogehe aoss naiona boes.

the oe o he nania seo in peipiaing he goba isis shows ha i isessenia o ake ajo seps o anso his seo, going a beon he vaiouspes o nania eguaions inoue in een eas o being onsiee anhe nania ansaions ax (“tobin ax”) popose b a wie ange o expes,oganisaions, an govenens. theeoe, aongsie eoaisaion o opoaeowneship an ono hough oeive un buiing an ohe easues, heewou nee o be eoaisaion an soiaisaion o nania insiuions, boha he naiona an inenaiona eves.

to avane eonoi eoa oa, he poiia essons o he Geanan Sweish ebaes ove oeive un buiing an eoaisaion oopoae owneship have o be eane. the oeive un saegies ha wehave exaine in his aie, boh hose ebae in Gean an Sween, annewe ieas o he uue, ae no uopian visions o evouiona buepins oovehowing he uen sse. rahe, he ae saegies ha uiise he exisingopoae shaehoing sses o anso he apiais sse in a suuawa. We have pesene soe onee oes o oeive apia oaion soha eonoi eoa an be pu on he agena, no jus as soe so o sogano a vague goa o he uue, bu as a se o spei, wokabe poposas ha an

be isusse an eaboae.In onusion, we beieve ha ebaing eonoi eoa—in a is

vaious os—is he singe os ipoan hing ha he inenaiona le ano, an ha saegies o oeive apia oaion have o oup a ena pae on an agena o eonoi eoa as he ae pobab he bes wa oeoaise he opoae powe ha ies a he hea o he apiais sse ano eae eonoies ha susain heah, ohesive, an jus soieies.


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W R P E V. 5 N. 4 W 2014

Notes

1. fo he puposes o his aie, we an ene “oeive apia oaion” as he gauaauuaion o apia on a ui-enepise basis on beha o given goups o woking peopeo given ouniies o iizens, a oa, egiona, naiona, o supanaiona eve, o heioeive bene, wih hese goups gaining ineasing owneship o he enepises in quesionhough uns whih ae he eipiens o he apia.

2. A onep eaboae wihin Euoounis in he 1970s, o exape, b togiai in he Iaiancounis Pa.

3. An he soia eoai eois ha Gunna Ae-Kasson (1970) ae “unionasoiais,” a “soiais” ha seeks o baane he powe o apia wih a vaie o weaeeos, wihou hanging he owneship suue.

4. this poenia was aua eognise b he os aous neo-assia heois mion fiean:

I have oen speuae ha an ingenious wa o a soiais o ahieve his objeive ou beo . . . inves he auuae eseves in he apia ake b puhasing equi ineess inoesi opoaions . . . to eun o anas, u uning wou have ong sine boughopee soiais. (quoe in Bakbun 2002)

5. this inoaion was povie in a pivae e-ai o Paik mQuiken, Senio Aviso o

meia reaions an couniaions a he fons e soiaié es avaieus u Québe(ftQ), Novebe 12, 2012, whih inue a eeene o he A o Esabish ftQ, aopeunanious in 1983 b he Quebe Naiona Asseb, aessibe hough he web page: hp://www.onsq.o/en/a-popos/ene-e-ouenaion.aspx

6. duing he Sweish WEfs ebae, suggesions o soe o o “iizen uns” wee asoae, o exape, in Kopi (1982). muh eaie, he Sweish Soia deoai miniseo he teasu, Ens Wigoss (1959), aso ha ieas abou wha he vague ae “Soieaopanies wihou ownes,” whih ae o oeive un buiing.

7. One o he iia poins in he kin o ake soiais ha exise in oe yugosavia. 8. An iniia vesion o his iea was pesene b Negosh dube (2012). 9. A su b he copenhagen Business Shoo oun ha ona o he expeaions o

onveniona eonois, s owne b non-po ounaions pusuing phianhopi goas peoe jus as we as aiiona opoaions (thosen an rose 2004, 343–64).

10. As Shuahe pu i, “his onvesion wou be an expii eogniion o he unoube aha a ajo oe in he eaion o ‘pivae’ eonoi weah is in an ase pae b he pubihan” (Shuahe 1973, 285–86).

11. this anges o 10% o 35% in he EU, wih 27% being he aveage in Wesen Euope, 18%in cena an Easen Euope (i.e., he new EU ebe saes) (KPmG 2014). Anohe opionis o se 27% as he ae aoss Wesen Euope an 18% aoss cena an Easen Euope(cEE), base on hose aveages. In he ase o he Euopean ciizens Invesen fun (EcIf), isowneship shae in a given uinaiona ou be equa o a popoiona weighe aveage oopoae axes appiabe in he ounies whee ha opan has opeaions.

12. le’s ake he exape o fane whee he opoae inoe ax ae is 33.33%. this eans hafane’s cIf wou auoaia ge a one-hi sake in he ages fenh opoaions. So,o he join soiea-woke sake o eah 51%, he WEfs wou on nee o bui up an 18%owneship shae o a given opan. fo sue, owneship o fane’s ages opanies neeso be eoaise—a 2009 suve showe ha on 98 peope ono 43% o he shaes in heopanies opising he coaion Assisée en coninu (cAc) 40 inex (cue 2010).

13. In Gean, a opanies wih oe han 500 epoees ae equie o insiue o-eeinaion,wih wokes having one-hi o he seas on supeviso boas o one-ha in opanies wihoe han 2,000 epoees (Euooun 2009).


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14. We an envisage ciizens Eonoi Assebies (cEAs) a hee eves: (1) naiona, (2) povinia o egiona, an (3) oun o oune (o whaeve uni opises he nex eve).A oun-eve cEA ou, o exape, have 60 ebes hosen b o o aong iizenso ha oun who have egisee o seeion. A oun cEA ebes wou onsiue heseeion poo o povine-eve cEAs, whose ebes in un wou be he poo o he naionacEA, whih wou hen eegae ebes o he cIf. the cEAs wou enabe iizens o akehei voies hea an ake pa in goa seing an poiaking o he oun eve on up. In asoewha siia wa, ivi soie oganisaions ou be suue in ui-eve civi Soie

Eonoi counis.15. fo a eaie isussion o seeion b o in anien Ahens, see tiias (2011, Absa,

5–7, 26–28). Aoing o tiias, seeion b o was “a poess whih iee an auaeepesenaion o iniviua peeenes.”

16. the EcIf ou epae a naiona cIf whee a opan has ess han ha is EU epoees inan one EU oun. I ou be oveseen b he Euopean Paiaen.

17. the cIf–WEf pan is heeoe a o o ake soiais, whee he pouion is ageguie b he ake ehanis, bu in onas o apiais (even o he soia eoaivaie) he ake wou union wihin a aewok whee soia pioiies ake peeene,wih a onsieabe egee o soiaise invesen panning.

18 Siia o he seening aie ou b he Soiai fun (Inenaiona labou Oganizaion[IlO] 2004).

19. luke mae (1990, 22) poposes suh a union o cIf-ike boies: “Soiaise un boieshoing apia auuae une eoai soia owneship an oun eoai opaniesan enepises, so expaning he oe o eoaia eeine an soia-ine aiviin he eono.”

20. to a age exen, he WEfs wou pusue he sae agena as cIfs, bu wih a geae ous onhe spei ineess o he enepises’ wokes. the eanings o WEfs an be aoae invaious was ha oeive bene he wokes o he enepises whee he have a sake. fosoe exapes o how WEf uns ou be use, see meine (1978, 84–90).

21. In his book on he WEf pan, ruo meine aises he issue o uinaionas ha ae suuein suh a wa ha ke eisions ae ae b he paen opan, no he subsiia (meine1978, 63–65). A oeive un wih an owneship sake in he subsiia wou heeoe no

have uh inuene. In his siuaion, i o when he un eahes ajoi owneship, i ouake he subsiia an inepenen .22. Wihin hese senaios, he EU pesens a speia siuaion. Whee a uinaiona, whehe base

in he EU o no, opeaes in sevea ebe saes wih oeive un sses, hee ou be join EU-eve un owneship aoss a he eniies beonging o ha uinaiona (e.g.,hough an insiuion ike he EcIf in he ase o iizen–woke hbi owneship) o a easooinaion a Euopean eve o naiona uns. Suh a join appoah wou senghen heoeive uns vis-à-vis uinaiona opoaions.

23. fo a opaison o he 1990s ani-gobaisaion oveen an he een Oup oveen,see “A copaison o Goba Poess: Oup Wa See an he 1990s Ani-Gobaisaionoveen,” Oup Wa See Anasis websie: hp://owsanasis.wopess.o/2012/03/30/a-opaison-o-goba-poess-oup-wa-see-an-he-1990s-ani-

gobaisaion-oveen-pa-1-siiaiies/, an aso: hp://owsanasis.wopess.o/2012/ 04/05/a-opaison-o-goba-poess-oup-wa-see-an-he-1990s-ani-gobaisaion-oveen-pa-2-ieenes/ .

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