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Four Sides of the Coin: The Interplay of Interests in German and Polish Pension Industries

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  • Anna ZÄ…bkowicz

Abstract

Pension reforms tend toward privatization of fund management, capitalization of savings, and redistribution of risk. An overview of reforms in the opening section identifies the course of the institutional change in Germany and in Poland, which can be broadly associated with Western European and Eastern European types of pension design, respectively. The second section offers a methodical insight in interests of four parties of the game, that is, the government, financial sector, nonfinancial companies, and trade unions, as well as prospective pensioners or actual retirees. The major section provides a review of arguments in favor of pension funding, drawing from media debates, and official announcements, with the aim to identify the rationale for pension funding. Next, it considers how this logical position is related to specific material interests. JEL Classification : B52, P16, P52

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  • Anna ZÄ…bkowicz, 2023. "Four Sides of the Coin: The Interplay of Interests in German and Polish Pension Industries," Review of Radical Political Economics, Union for Radical Political Economics, vol. 55(2), pages 269-289, June.
    • Handle: RePEc:sae:reorpe:v:55:y:2023:i:2:p:269-289
    DOI: 10.1177/04866134221119258
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    References listed on IDEAS

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    1. Streeck, Wolfgang & Trampusch, Christine, 2005. "Economic reform and the political economy of the German welfare state," MPIfG Working Paper 05/2, Max Planck Institute for the Study of Societies.
    2. Ebbinghaus, Bernhard (ed.), 2011. "The Varieties of Pension Governance: Pension Privatization in Europe," OUP Catalogue, Oxford University Press, number 9780199586028.
    3. Robert G. King & Ross Levine, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 108(3), pages 717-737.
    4. Stolbov, Mikhail, 2013. "The finance-growth nexus revisited: From origins to a modern theoretical landscape," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 7, pages 1-22.
    5. John Beshears & James J. Choi & David Laibson & Brigitte C. Madrian, 2009. "The Importance of Default Options for Retirement Saving Outcomes: Evidence from the United States," NBER Chapters, in: Social Security Policy in a Changing Environment, pages 167-195, National Bureau of Economic Research, Inc.
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    More about this item

    Keywords

    welfare state; financialization; capital-based pensions; public policy;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • P52 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies

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