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Erik Bengtsson . Foto

Erik Bengtsson

Universitetslektor

Erik Bengtsson . Foto

What Determines the Capital Share over the Long Run of History?

Författare

  • Erik Bengtsson
  • Enrico Rubolino
  • Daniel Waldenström

Summary, in English

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.

Avdelning/ar

  • Ekonomisk-historiska institutionen

Publiceringsår

2020-04

Språk

Svenska

Publikation/Tidskrift/Serie

WID.world Working Papers

Issue

2020/08

Dokumenttyp

Working paper

Ämne

  • Economic History

Nyckelord

  • ineqality
  • factor shares
  • event study
  • economic history
  • institutions

Aktiv

Published