Journal
SOCIO-ECONOMIC REVIEW
Volume 17, Issue 3, Pages 477-502Publisher
OXFORD UNIV PRESS
DOI: 10.1093/ser/mwx022
Keywords
trade unions; financialization; technological change; institutional change
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Recent research finds that financialization and technological change have had a variety of negative effects on labor, including reducing low-skill workers' wages and increasing income inequality. In this article, I examine the effect on trade unions of one type of financialization, equity market development and one type of technological change, routine-biased technological change. I argue that we should conceptualize trade union strength in two dimensions: (a) the strength of their institutional structures, such as the degree of wage bargaining coordination and the degree to which firms can deviate from collective agreements; (b) the strength of their membership. Using data for 21 OECD countries from 1970 to 2010, I find a negative effect of equity market development on unions' institutional structures, but not on union membership. Contrarily, I find that routine-biased technological change has a negative effect on union density, but an inconsistent relationship with the strength of unions' institutional structures.
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