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Financialization, the great recession, and the stratification of the US labor market


Reference:

Arestis, P., Charles, A. and Fontana, G., 2013. Financialization, the great recession, and the stratification of the US labor market. Feminist Economics, 19 (3), pp. 152-180.

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    Official URL:

    http://dx.doi.org/10.1080/13545701.2013.795654

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    Abstract

    This contribution explores the possibility that the financialization of the US economy has created identity preference effects by linking managerial and financial occupations to high earnings, and in turn high earnings to the social status of the dominant demographic group in the labor force, namely white men. The empirical results for the 1983-2009 period confirm that a wage premium exists for individuals working in managerial and financial occupations, and that this finance wage premium is not equally distributed among all gender and ethnic groups. For each ethnic group, men have taken an increasing share of the finance wage premium at the expense of women. More specifically, white - and, to a lesser degree, Hispanic - men have enjoyed a disproportionate share of the finance wage premium. Financialization has thus been neither race nor gender neutral, and is at least in part responsible for the stratification effects of the Great Recession.

    Details

    Item Type Articles
    CreatorsArestis, P., Charles, A. and Fontana, G.
    DOI10.1080/13545701.2013.795654
    Related URLs
    URLURL Type
    http://www.scopus.com/inward/record.url?scp=84878269358&partnerID=8YFLogxKUNSPECIFIED
    DepartmentsFaculty of Humanities & Social Sciences > Social & Policy Sciences
    Research CentresCentre for Development Studies
    Publisher StatementCharles_2013_Feminist_Economics.pdf.pdf: This is an Author's Accepted Manuscript of an article published in Arestis, P, Charles, A & Fontana, G 2013, 'Financialization, the great recession, and the stratification of the US labor market' Feminist Economics, vol 19, no. 3, pp. 152-180. copyright Taylor & Francis, available online at: http://www.tandfonline.com/10.1080/13545701.2013.795654
    RefereedYes
    StatusPublished
    ID Code35993

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