Collective Workers’ Funds and the Rise of Neoliberalism in Sweden and Québec

Wage-earner funds (löntagarfonder) in Sweden and the Fonds de solidarité ftq in Québec, both founded in 1983, are two of the most significant examples of collective workers' investment funds run by unions. This article situates the political context of their emergence in the neoliberal turn of social democracy in the early 1980s. In Sweden, the wage-earner funds were initially proposed as a radical anti-capitalist project in 1975, but the Social Democratic Party leadership developed the idea into a qualitatively distinct plan aimed at increasing investment capital available for private firms, as part of its new market-accommodating program. In Québec, the Fédération des travailleurs du Québec (ftq) proposed the solidarity fund as it moved toward concertation and away from the democratic economic planning and autogestion (worker self-management) that it had championed in the 1970s. In both cases, pro-market forces within organized labour proposed the funds so that workers' capital could be used to stimulate private, for-profit investment, while recuperating elements of earlier labour radicalism that had sought to enhance workers' power over capital. Built with an institutional orientation toward the incorporation of workers into financial capitalism, these collective workers' funds represent a neoliberal shift within organized labour in Sweden and Québec, two places where labour is comparatively well organized.