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Financialisation and labour in the Australian commercial construction industry

Author

Listed:
  • Dick Bryan

    (University of Sydney, Australia)

  • Michael Rafferty

    (RMIT University, Australia)

  • Phillip Toner

    (University of Sydney, Australia)

  • Sally Wright

    (University of Warwick, UK)

Abstract

Financialisation and financial risk have become current buzzwords, but the connections between finance and labour are not well developed. Often labour is cast simply as the distributional victim of developments like shareholder value, the privatisation of public infrastructure and labour market reform. This article engages developments in the construction industry and locates a growing financial logic inside ‘production’ and work in that sector. Through the concepts of liquidity and risk, we identify causal connections, not just parallels, between financial innovation and the reorganisation of the logic and structure of work in the Australian construction and property services industry.

Suggested Citation

  • Dick Bryan & Michael Rafferty & Phillip Toner & Sally Wright, 2017. "Financialisation and labour in the Australian commercial construction industry," The Economic and Labour Relations Review, , vol. 28(4), pages 500-518, December.
    • Handle: RePEc:sae:ecolab:v:28:y:2017:i:4:p:500-518
    DOI: 10.1177/1035304617739504
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    References listed on IDEAS

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    3. Scholes, Myron S, 1998. "Derivatives in a Dynamic Environment," American Economic Review, American Economic Association, vol. 88(3), pages 350-370, June.
    4. Eccles, Robert G., 1981. "The quasifirm in the construction industry," Journal of Economic Behavior & Organization, Elsevier, vol. 2(4), pages 335-357, December.
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    7. Timothy J. Sturgeon, 2002. "Modular production networks: a new American model of industrial organization," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 11(3), pages 451-496, June.
    8. Corinne Perraudin & Héloïse Petit & Nadine Thèvenot & Bruno Tinel & Julie Valentin, 2014. "Inter-firm Dependency and Employment Inequalities," Review of Radical Political Economics, Union for Radical Political Economics, vol. 46(2), pages 199-220, June.
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    Cited by:

    1. Razo-De-Anda, Jorge Omar & Cruz-Aké, Salvador & Venegas-Martínez, Francisco, 2022. "¿Can the stock market boost economic growth? evidence from the Mexican real estate investment trust (REIT)," Panorama Económico, Escuela Superior de Economía, Instituto Politécnico Nacional, vol. 17(36), pages 9-32, Primer se.

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    More about this item

    Keywords

    Construction; financialisation; liquidity; risk; sub-contracting; work;
    All these keywords.

    JEL classification:

    • G00 - Financial Economics - - General - - - General
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts
    • L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production
    • L24 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Contracting Out; Joint Ventures
    • L74 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Construction

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