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Wage Earners, Taxpayers or Everyman Capitalists? : The Making of a Mutual Fund Culture in Sweden

Husz, Orsi ; Larsson Heidenblad, David LU and Åström Rudberg, Elin (2025)
Abstract
This chapter explains how a mutual fund culture, which strengthened the link between households and the stock market, emerged exceptionally early in Sweden. We explore the popularisation of individual shareholding through state-subsidised fund savings schemes, the Tax Funds (introduced by the centre-right government in 1978) and the similar Everyman’s Funds (introduced by the Social Democratic government in 1984). Although initially politically controversial, these programmes ultimately paved the way for a seemingly mundane investment culture. Through this case we argue that neoliberalisation in Sweden involved the creation of hybrid subjects that combined older forms of identification rooted in a welfare statist culture (the wage earner... (More)
This chapter explains how a mutual fund culture, which strengthened the link between households and the stock market, emerged exceptionally early in Sweden. We explore the popularisation of individual shareholding through state-subsidised fund savings schemes, the Tax Funds (introduced by the centre-right government in 1978) and the similar Everyman’s Funds (introduced by the Social Democratic government in 1984). Although initially politically controversial, these programmes ultimately paved the way for a seemingly mundane investment culture. Through this case we argue that neoliberalisation in Sweden involved the creation of hybrid subjects that combined older forms of identification rooted in a welfare statist culture (the wage earner and the taxpayer) with identity positions associated with a new everyday capitalist identity. One explanation for the exceptional Swedish development lies in the turmoil surrounding the so-called wage-earner funds with individual share ownership posited as an alternative to the collectively owned funds. In the other Nordic countries, the conflict between labour and capital was less intense. One fallout of this conflict in Sweden was a nation of everyman investors. (Less)
Please use this url to cite or link to this publication:
author
; and
organization
publishing date
type
Chapter in Book/Report/Conference proceeding
publication status
published
subject
host publication
Nordic Neoliberalisms : Perspectives on Economic, Social and Cultural Change in the Nordics After 1970 - Perspectives on Economic, Social and Cultural Change in the Nordics After 1970
editor
Andersson, Jenny and Howell, Chris
pages
21 pages
publisher
Routledge
external identifiers
  • scopus:105002525320
ISBN
9781003563372
DOI
10.4324/9781003563372-6
project
Lund Centre for the History of Knowledge
language
English
LU publication?
yes
id
8f6003e3-d642-4f25-8a15-1588a7eba5dd
date added to LUP
2025-04-14 11:30:22
date last changed
2025-05-08 13:50:03
@inbook{8f6003e3-d642-4f25-8a15-1588a7eba5dd,
  abstract     = {{This chapter explains how a mutual fund culture, which strengthened the link between households and the stock market, emerged exceptionally early in Sweden. We explore the popularisation of individual shareholding through state-subsidised fund savings schemes, the Tax Funds (introduced by the centre-right government in 1978) and the similar Everyman’s Funds (introduced by the Social Democratic government in 1984). Although initially politically controversial, these programmes ultimately paved the way for a seemingly mundane investment culture. Through this case we argue that neoliberalisation in Sweden involved the creation of hybrid subjects that combined older forms of identification rooted in a welfare statist culture (the wage earner and the taxpayer) with identity positions associated with a new everyday capitalist identity. One explanation for the exceptional Swedish development lies in the turmoil surrounding the so-called wage-earner funds with individual share ownership posited as an alternative to the collectively owned funds. In the other Nordic countries, the conflict between labour and capital was less intense. One fallout of this conflict in Sweden was a nation of everyman investors.}},
  author       = {{Husz, Orsi and Larsson Heidenblad, David and Åström Rudberg, Elin}},
  booktitle    = {{Nordic Neoliberalisms : Perspectives on Economic, Social and Cultural Change in the Nordics After 1970}},
  editor       = {{Andersson, Jenny and Howell, Chris}},
  isbn         = {{9781003563372}},
  language     = {{eng}},
  publisher    = {{Routledge}},
  title        = {{Wage Earners, Taxpayers or Everyman Capitalists? : The Making of a Mutual Fund Culture in Sweden}},
  url          = {{http://dx.doi.org/10.4324/9781003563372-6}},
  doi          = {{10.4324/9781003563372-6}},
  year         = {{2025}},
}