Prof. E. Hein and D. Detzer’s work was published in the Italian Economic Journal, Volume 1, Issue 2, July. The paper, entitled “Finance-Dominated Capitalism and Income Distribution: A Kaleckian Perspective on the Case of Germany“, is a result of the following Working Paper from work package 3:
It investigates the long-run effects of financialisation on income distribution before the financial and economic crises for Germany, one of the major mercantilist export-led economies. The analysis builds on a Kaleckian approach towards the examination of the effects of financialisation on income distribution. It first shows that Germany saw a considerable re-distribution of income starting in the early 1980s, which accelerated in the early 2000s. Then the three main channels through which financialisation (and neo-liberalism) are supposed to have affected the labour income share, according to the Kaleckian approach, are examined, and evidence for the existence of each of these channels in Germany is provided.
To download the paper, please click here.