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28. Februar 2020

Financialisation increases income inequality

The last four decades have been characterised by drastic changes in the distribution of income between wages and profits. Between 1975 and 2014, the wage share, which measures the share of national income going to wage earners, has on average fallen from 72% to 63% in 14 OECD countries. In the same period, we observe a phenomenon often dubbed ‘financialisation’. Financialisation comprises a diverse range of phenomena, including financial deregulation, securitisation, shareholder value orientation, and increasing household debt. While some studies have found negative impacts of single measures of financialisation on the wage share, they have not fully accounted for the fact that financialisation has several dimensions, which may impact the wage share through different channels.

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