Journal Article

Agents of privatization? Business groups and the rise of pension funds in Continental Europe

Marek Naczyk

in Socio-Economic Review

Published on behalf of Society for the Advancement of Socio-Economics

Volume 11, issue 3, pages 441-469
Published in print July 2013 | ISSN: 1475-1461
Published online June 2012 | e-ISSN: 1475-147X | DOI: https://dx.doi.org/10.1093/ser/mws012
Agents of privatization? Business groups and the rise of pension funds in Continental Europe

More Like This

Show all results sharing these subjects:

  • Moral Philosophy
  • Corporate Social Responsibility
  • Welfare Economics
  • Political Economy
  • Economic Sociology

GO

Show Summary Details

Preview

This paper analyses business preferences towards the development of private pension funds. Existing studies about business involvement in welfare state reform equate capital with employers and focus on the socio-economic determinants of their preferences. In contrast, this paper also analyses the role of financial firms. Moreover, it develops a set of hypotheses about how institutions contribute to shape capital's preferences towards pension privatization. In particular, I study the impact of institutional feedback from the public/statutory pay-as-you-go system, from existing private/supplementary occupational pensions and the influence of social partnership. Financial firms are hypothesized to be a key proponent of pension privatization, while employers may have a much more ambivalent attitude. The argument is tested using a comparative historical analysis of pension debates in Belgium and France from the end of the 1970s until the mid-2000s.

Keywords: employers; finance; public pensions; preferences; varieties of capitalism; institutional political economy; H55 social security and public pensions; J32 nonwage labor costs and benefits; private pensions; P16 political economy

Journal Article.  9988 words.  Illustrated.

Subjects: Moral Philosophy ; Corporate Social Responsibility ; Welfare Economics ; Political Economy ; Economic Sociology

Full text: subscription required

How to subscribe Recommend to my Librarian

Users without a subscription are not able to see the full content. Please, subscribe or login to access all content.