Labor's Capital: The Economics and Politics of Private Pensions
AbstractWhy are pension funds so large and benefits so small? This examination of the 120-year-old American system of privatized social insurance--often called, at 1.7 trillion dollars, the biggest lump of money in the world--reveals that the system fails to provide adequate retirement income security, its most prominent goal, and, in fact, its greatest influence is in supplying funds to U.S. capital markets. Linking market forces, historical movements, and social norms in the evolution of pensions, Ghilarducci's study is the first to focus on all major aspects of the system. Its trenchant analysis of the many sides of pensions and pension policy addresses questions of whom the system benefits, its direct and social costs, and the possibilities of reforms that would take into account the related problems of capital formation and retirement income. Ghilarducci describes the history of pension funds and the involvement of unions in bargaining. She takes up the "moral hazard" involved in the conflicting interests of corporations and their employees, tackling issues of information availability and inequality of pension distribution based on sex, race, and job hierarchy. And in two chapters, each focusing on corporate and union uses of pension funds, she covers such topics as tax breaks, the effect of corporate takeovers, the use of pensions to pay back debt, and the kinds of skimming that can occur despite government regulation of pension activities. Ghilarducci concludes by presenting an ideal pension plan that would benefit both employer and employee and by offering predictions about pension plans of the future. Teresa Ghilarducci is Associate Professor of Economics at the University of Notre Dame.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoThis book is provided by The MIT Press in its series MIT Press Books with number 0262071398 and published in 1992.
Contact details of provider:
Web page: http://mitpress.mit.edu
labor; pension; inequality;
Find related papers by JEL classification:
- J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- William H. Lazonick & Mary O'Sullivan, 1997. "Corporate Governance and Corporate Employment: Is Prosperity Sustainable in the United States?," Economics Working Paper Archive wp_183, Levy Economics Institute.
- James Banks & Carl Emmerson, 2000. "Public and private pension spending: principles, practice and the need for reform," Fiscal Studies, Institute for Fiscal Studies, vol. 21(1), pages 1-63, March.
- Sadowski, Dieter & Pull, Kerstin, 1995. "Können betriebliche Sozialleistungen die staatliche Sozialpolitik entlasten?," Quint-Essenzen 45, Institute for Labour Law and Industrial Relations in the European Community (IAAEG), University of Trier.
- William H. Lazonick & Mary O'Sullivan, . "Investment in Innovation, Corporate Governance and Employment: Is Prosperity Sustainable in the United States?," Economics Public Policy Brief Archive ppb_37, Levy Economics Institute.
- Palacios, Robert & Whitehouse, Edward, 2006. "Civil-service pension schemes around the world," MPRA Paper 14796, University Library of Munich, Germany.
- Anil Verma & Johanna Weststar, 2011. "Token Presence or Substantive Participation? A Study of Labor Trustees on Pension boards," Journal of Labor Research, Springer, vol. 32(1), pages 39-60, March.
- Gerard Hughes & Brian Nolan, 1999. "Competitive and Segmented Labour Markets and Exclusion from Retirement Income," Papers WP108, Economic and Social Research Institute (ESRI).
- Whitehouse, Edward, 2000.
"Pension reform, financial literacy and public information : a case study of the United Kingdom,"
Social Protection Discussion Papers
21312, The World Bank.
- Whitehouse, Edward, 2000. "Pension reform, financial literacy and public information: a case study of the United Kingdom," MPRA Paper 10323, University Library of Munich, Germany.
- Codrina Rada, 2012. "The Economics of Pensions. Remarks on Growth, Distribution and Class Conflict," Working Paper Series, Department of Economics, University of Utah 2012_02, University of Utah, Department of Economics.
- Armando Barrientos, 1998. "Supplementary pension coverage in Britain," Fiscal Studies, Institute for Fiscal Studies, vol. 19(4), pages 429-446, November.
- Gerard Hughes & Brian Nolan, 1993. "Pensions and the Structure of the Labour Market: Evidence from Irish Data," Papers WP044, Economic and Social Research Institute (ESRI).
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jake Furbush).
If references are entirely missing, you can add them using this form.