Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/95102
Authors: 
Henrekson, Magnus
Jakobsson, Ulf
Year of Publication: 
2001
Series/Report no.: 
IUI Working Paper 566
Abstract: 
We investigate the dramatic transformation of ownership policies and ownership structure in Sweden during the postwar period. After WWII, Swedish ownership policies were guided by a socialist vision where the ultimate goal was abolition of private ownership. These policies came to an end in the early 1980s. Since then a large number of Swedish firms have been acquired by foreign owners or merged with foreign firms and the foreign ownership share on the Swedish Stock Exchange has increased rapidly. A central question is whether this fast transformation is merely a logical consequence of current globalization, or whether this tendency has been rein­forced by economic policies vis-à-vis the business sector in Sweden. We show that until the late 1980s, Swedish economic policy – aimed at discouraging private wealth accumulation and favor­ing institutional ownership and debt financing – effectively precipitated the rapid takeover of the Swedish business sector by foreign owners that gained momentum in the 1990s. Policy measures intended to create a system of “capitalism without capitalists” can be said to have “packaged” large Swedish corporations in terms of ownership and financing structure, so that foreign takeover was facilitated. The article ends with a discussion as to whether the dramatic change in ownership structure in the Swedish business sector may result in the demise of the old corporatist model of industrial relations, giving way to a new trend towards a liberal market economy of the current Anglo-Saxon variety.
Subjects: 
Corporatism
Entrepreneurship
Industrial Policy
Ownership Policy
Ownership Structure
Swedish Model
JEL: 
M13
N24
O38
P16
Document Type: 
Working Paper

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