Pension Fund Capitalism : The Privatization of Pensions in Developed and Developing Countries book cover
1st Edition

Pension Fund Capitalism
The Privatization of Pensions in Developed and Developing Countries

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ISBN 9781032078601
April 7, 2022 Forthcoming by Routledge
200 Pages

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Book Description

This book examines the origins and consequences of so-called pension fund capitalism, which has spread around the world since 1981, when the pension system was completely privatized in Chile. The author highlights the driving forces behind the privatization of pensions, its forms and tools used in practice, and the risks and costs related to private pensions.

The reader can also learn about the experiences of various developed countries (including the USA, Canada, Australia, and Germany), as well as Latin American (including Chile) and Eastern European countries, related to the privatization of pensions. Particular attention is paid to Poland as an example of a country where such privatization failed completely. This book provides a source of serious reflection on what this privatization has led to, what its real economic and social consequences are and what the likelihood is of reversing it and strengthening the public pension system.

Academic researchers and students of economics and finance, as well as social and political sciences, will find the book invaluable in understanding the problems arising from the privatization of pensions. It will also be of interest to professionals: institutions that shape or influence economic and social policy, including political parties, trade unions, non-governmental organizations, the media, and institutions operating on the financial market.

Table of Contents

1. Structure and functions of pension systems 2. Neoliberalism as an ideological basis for pension fund capitalism 3. The supporters and instruments of pension privatization 4. Costs and risks associated with private pensions 5. The experience of different countries with pension fund capitalism 6. Poland as a case of pensions privatization failure 7. Pension fund capitalism – what next?

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Leokadia Oręziak, PhD, is a Full Professor of Economics and Finance, Head of the Department of International Finance at the World Economy Collegium, SGH-Warsaw School of Economics, the author of numerous scientific publications in the field of pension systems, public finance, and European integration. Her book OFE – katastrofa prywatyzacji emerytur w Polsce (OFE - the Disaster of Privatization of Pensions in Poland) was awarded in the Economicus competition for the best Polish book of 2014 in the field of economics. She was a consultant to the Polish Parliament (Sejm) on bills regarding changes to the pension system. As a member of the Presidential Advisory Commission on the Pension System (in 2014-2015), she developed, in cooperation with CENDA (Santiago de Chile), a proposal on rebuilding the public PAYG pension system in Chile.


"A masterful and attractive critical review of one of the most controversial subjects confronting billions of workers and pensioners, and the fiscal health of many countries, around the world, with the powerful interests of the global financial industry, whose author is one the most qualified and independent authors on the subject." — Manuel Riesco, Centro de Estudios Nacionales de Desarrollo Alternativo (CENDA).

“Professor Leokadia Oręziak presents the radical pension privatization process of recent decades in Latin America and Eastern Europe as an outreach of financial capitalism in an unexpected application to social security. Oręziak highlights its adverse fiscal effects, the benefits for financial markets intermediaries at the cost of delivering low pensions for the retiree population at large. The book provides useful insights on the Polish case of pension privatization followed by de-privatization of the pension funds." — Andrés Solimano, Founder and Chairman of the International Center for Globalization and Development (CIGLOB).

"Pension Fund Capitalism provides a thorough overview of the promises, risks, and failures of privatizing pensions. Leokadia Oręziak draws from her deep experience in re-reforming pensions in Poland and Chile to create a truly global perspective, enriched by insights from Western Europe to Latin America to her native Poland." — Mitchell A. Orenstein, Professor of Russian and East European Studies, School of Arts and Sciences, University of Pennsylvania, USA.