There is an ongoing debate within political economy on how finance affects capital–labour relations. Industrial relation scholars have demonstrated that financialization empowers capital and induces the liberalization of industrial relations. Additionally, meso and macro level studies show that finance reduced the labour share during neoliberalism. However, the literature is relatively limited and does not extend to the pre-WWII period. Considering finance as historically integral to capitalism, this paper estimates the impact of finance on the labour shares of France (1911–2010) and Sweden (1891–2000). The results show that mortgage debt decreases the labour shares of both countries, thus, the financialization of households induces industrial discipline historically. However, the negative effect is substantially smaller in Sweden where housing finance is state-led and bargaining coordination is centralized over the last century.

中文翻译：

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长期的金融、纪律和劳动份额：法国（1911-2010）和瑞典（1891-2000）

关于金融如何影响资本-劳动关系，政治经济学领域一直在争论。劳资关系学者已经证明，金融化赋予资本权力并促使劳资关系自由化。此外，中观和宏观层面的研究表明，金融在新自由主义时期减少了劳动份额。然而，文献相对有限，并没有延伸到二战前时期。考虑到金融在历史上是资本主义不可或缺的一部分，本文估计了金融对法国（1911-2010）和瑞典（1891-2000）劳动力份额的影响。结果表明，抵押贷款降低了两国的劳动力份额，因此，家庭金融化在历史上诱发了产业纪律。然而，