Alexander Guschanski

University of Greenwich · Department of International Business & Economics

Participation in global value chains (GVCs) has been proposed as a central means for emerging economies to develop and technologically upgrade. However, the effects of GVCs on income distribution in the global South remain underexplored. This article presents an econometric analysis of the determinants of the labour share in seven emerging economie...

We investigate whether the downward trend in the wage share is driven by technological change or a decline in labour’s bargaining power. We present an econometric analysis using industry-level data for 14 Organisation for Economic Co-operation and Development (OECD) countries for the 1970–2014 period and test whether the determinants of the wage sh...

While current account imbalances have widened in recent decades, their causes are still debated. Trade-centred approaches highlight the role of cost competitiveness, in particular unit labour costs, and aggregate demand. In contrast, finance-centred approaches focus on gross financial flows, driven by expectations and the return on assets, that imp...

It is frequently asserted that financialisation has contributed to the decline in the wage share. This paper provides a theoretical clarification and a systematic empirical investigation. We identify four channels through which financialisation can affect the wage share: (i) enhanced exit options of firms; (ii) rising price mark-ups due to financia...

Purpose The purpose of this paper is twofold: first, to reassert the persistent association of the decline in collective bargaining with the increase in income inequality, the fall in the share of wages in national income and deterioration in macroeconomic performance in the UK; and second, to present case studies affirming concrete outcomes of or...

Zusammenfassung Finanzialisierung wird oft mit steigender Einkommensungleichheit assoziiert. Der Artikel beschreibt die wesentlichen Aspekte von Finanzialisierung im Außen‑, Finanz‑, Firmen- und Haushaltssektor und identifiziert mehrere Hypothesen, wie Finanzialisierung die funktionale Einkommensverteilung beeinflussen kann. Wir diskutieren verbess...

A sharp drop in the wage share in GDP in the UK since the 1980s has been accompanied by a jump in income share of the top 1 per cent. Rather than migration or technological change, increased capital mobility, decline in collective bargaining, labour market deregulation, austerity and rising household debt are to blame.

This paper restates the post-Keynesian view of unemployment within a NAIRU framework. In the short run, the private effective labour demand need not be downward sloping because of debt deflation and wage-led demand regimes. In the medium run, the NAIRU will be endogenous because of the social norm character of wage setting and the supply-side effec...