Labor's capital : the economics and politics of private pensions
著者
書誌事項
Labor's capital : the economics and politics of private pensions
MIT Press, c1992
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注記
Includes bibliographical references (p. [183]-197) and index
内容説明・目次
内容説明
Honorable Mention, Business, Management & Accounting category, 1992 Professional/Scholarly Publishing Annual Awards Competition presented by the Association of American Publishers, Inc. Why 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.
目次
- Part 1 Introduction - actors, paradigms, and pensions: pensions as efficient contracts - the neoclassical perspective
- pensions as worker control devices - the Marxist perspective
- pensions as social institutions - the institutionalist perspective
- pension policy issues. Part 2 The pension idea: who should provide retirement income - government or business?
- who got to retire?
- types of government schemes
- what employers want from pensions
- intitial employer pension goals
- characteristics of the early employer pensions
- outcomes and contradictions - the new private pension system. Part 3 Social insurance with a union label: unions, pensions, and segmented labour markets
- union influence on pension coverage
- outcomes and contradictions - pension bargaining without conflict. Part 4 The employer pension system - distribution and moral hazard: pensions and moral hazard
- external factors - distribution of pension plan coverage and benefits
- internal factors - how do pensions affect workers within a plan?
- a theory about the pension contract
- portable pensions, SEPs, and distributional equity
- outcomes and contradictions - toward a mandatory pension system. Part 5 Corporate uses of pension funds: pension contracts and firm default
- government and the corporate use of pension plans
- outcomes and contradictions - challenges to corporate use. Part 6 Pension funds and financial democracy: economic power
- labor's acess to pension fund management
- competition for the control of capitl
- prospects for worker capitalism
- outcomes and contradictions - ownership and strategies. Part 7 What makes a good private pension system?: requirements for an optimum pension system
- is the pension system consistent with government goals?
- federal pension law - 1920-1989
- most of the costs and some of the benefits of private pensions
- outcomes and contradictions - the costs of volunteerism. Part 8 Directions for private pension reform: outlook for employer pension policies in the 1990s
- the likely direction of government policies
- democratizing the social security trust fund
- resolving the private pension contradictions.
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