The social ownership of capital

New Left Review

Volumn , Issue 219, 1996, Pages 42-59

  Minns, Richard ^a  

^a NONE

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EID: 0030524984     PISSN: 00286060     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (65)

1. Jonas Pontusson, 'Sweden: After the Golden Age', in Perry Anderson and Patrick Camiller, eds, Mapping the West European Left, Verso, London 1994.
2. Ministry of Finance, Employee Investment Funds, Stockholm 1984, p. 17.
3. Ibid., p. 10.
4. Pontusson, 'Sweden', p. 29.
5. Rudolf Meidner, 'Why Did the Swedish Model Fail?', Socialist Register, London 1991, p. 219.
6. Pontusson, 'Sweden', pp. 31, 52. Also see Swedish Trade Union Confederation (LO), Three Years with Employee Investment Funds; An Evaluation, 1988.
7. Meidner, 'Why Did the Swedish Model Fail?'; and Pontusson, 'Sweden'.
8. Meidner, 'Why Did the Swedish Model Fail?'; and Pontusson, 'Sweden'.
9. Meidner, 'Why Did the Swedish Model Fail?', p. 211.
10. Ibid., p. 220.
11. Peter F. Drucker, The Unseen Revolution. How Pension Fund Socialism Came to America, Oxford 1976, p. 1.
12. Ibid., p. 2. 'Own control' is Drucker's way of saying that they own at least one third of the shares.
13. Ibid., pp. 2-3.
14. Ibid., p. 38.
15. Ibid., p. 4.
16. Jeremy Rifkin and Randy Barber, The North Will Rise Again, Boston 1978, pp. 86-8.
17. Barbara Castle, 'Lessons for Labour', Soundings, no. 1, Autumn 1995, 41.
18. Ibid., p. 39.
19. Rifkin and Barber, The North Will Rise Again; Richard Minns, Pension Funds and British Capitalism. The Ownership and Control of Shareholdings, Oxford 1980; Jerry Coakley and Laurence Harris, The City of Capital, Oxford 1983; Ron Martin and Richard Minns, 'Undermining the Financial Basis of Regions', Regional Studies, vol. 27, no. 3 (1995); Richard Minns, 'The Political Economy of Pensions', forthcoming in New Political Economy, vol. 1, no. 3 (1996).
20. Rifkin and Barber, The North Will Rise Again; Richard Minns, Pension Funds and British Capitalism. The Ownership and Control of Shareholdings, Oxford 1980; Jerry Coakley and Laurence Harris, The City of Capital, Oxford 1983; Ron Martin and Richard Minns, 'Undermining the Financial Basis of Regions', Regional Studies, vol. 27, no. 3 (1995); Richard Minns, 'The Political Economy of Pensions', forthcoming in New Political Economy, vol. 1, no. 3 (1996).
21. Rifkin and Barber, The North Will Rise Again; Richard Minns, Pension Funds and British Capitalism. The Ownership and Control of Shareholdings, Oxford 1980; Jerry Coakley and Laurence Harris, The City of Capital, Oxford 1983; Ron Martin and Richard Minns, 'Undermining the Financial Basis of Regions', Regional Studies, vol. 27, no. 3 (1995); Richard Minns, 'The Political Economy of Pensions', forthcoming in New Political Economy, vol. 1, no. 3 (1996).
22. Rifkin and Barber, The North Will Rise Again; Richard Minns, Pension Funds and British Capitalism. The Ownership and Control of Shareholdings, Oxford 1980; Jerry Coakley and Laurence Harris, The City of Capital, Oxford 1983; Ron Martin and Richard Minns, 'Undermining the Financial Basis of Regions', Regional Studies, vol. 27, no. 3 (1995); Richard Minns, 'The Political Economy of Pensions', forthcoming in New Political Economy, vol. 1, no. 3 (1996).
23. Rifkin and Barber, The North Will Rise Again; Richard Minns, Pension Funds and British Capitalism. The Ownership and Control of Shareholdings, Oxford 1980; Jerry Coakley and Laurence Harris, The City of Capital, Oxford 1983; Ron Martin and Richard Minns, 'Undermining the Financial Basis of Regions', Regional Studies, vol. 27, no. 3 (1995); Richard Minns, 'The Political Economy of Pensions', forthcoming in New Political Economy, vol. 1, no. 3 (1996).
24. Minns, 'The Political Economy of Pensions'.
25. Diana Olsberg, 'Australia's Retirement Income Revolution: A New Model for Retirement Savings and Investment Politics', Economic and Industrial Democracy, vol. 15, 1994, p. 284.
26. See also Diana Olsberg, 'Australia's Retirement Income Revolution: a Finnish System Down-Under', Scandinavian Journal of Social Welfare, vol. 4, 1995.
27. Pat Brewer and Peter Boyle, 'End of the Illusions? Accord Politics and the Left in Australia', Links: International Journal of Socialist Renewal, no. 1, April-June 1994.
28. Ibid., p. 72.
29. Geoff Gallup, 'Keating a Jump Ahead', The Guardian, 1 March 1996.
30. David Knox, 'Superannuation - Revisions, Reforms and the Next Millennium', mimeo, Centre for Actuarial Studies, University of Melbourne 1995, and interview with the author, May 1995 (research visit funded by the British Academy).
31. Development Australia Fund prospectus, 'Development Australia Fund', DAF Nominees, September 1995.
32. E. Butler, M. Asher and K. Borden, Singapore Versus Chile: Competing Models for Welfare Reform, Adam Smith Institute, London 1995 which states that 'UK pension managers could probably run rings round the Singapore CPF' (p. 8). The comparison of Singapore and Chile included advantages and disadvantages for Singapore, but only advantages for Chile. See also the World Bank, Averting the Old Age Crisis. Policies to Protect the Old and Promote Growth, Oxford 1994 which claims 'Centralized provident funds are even more concentrated. If these funds were to invest in corporate equities, public officials could gain control of corporate affairs, a back door to nationalization.' (p. 214)
33. E. Butler, M. Asher and K. Borden, Singapore Versus Chile: Competing Models for Welfare Reform, Adam Smith Institute, London 1995 which states that 'UK pension managers could probably run rings round the Singapore CPF' (p. 8). The comparison of Singapore and Chile included advantages and disadvantages for Singapore, but only advantages for Chile. See also the World Bank, Averting the Old Age Crisis. Policies to Protect the Old and Promote Growth, Oxford 1994 which claims 'Centralized provident funds are even more concentrated. If these funds were to invest in corporate equities, public officials could gain control of corporate affairs, a back door to nationalization.' (p. 214)
34. Various commentaries include, 'Blair Raises the Stake', The Economist, 13 January 1996, pp. 33-4; 'Stakeholders Willy-Nilly', editorial, Financial Times, 16 January 1996; 'Raising the Stakes', The Guardian, 17 January 1996, section 2, pp. 2-4.
35. Various commentaries include, 'Blair Raises the Stake', The Economist, 13 January 1996, pp. 33-4; 'Stakeholders Willy-Nilly', editorial, Financial Times, 16 January 1996; 'Raising the Stakes', The Guardian, 17 January 1996, section 2, pp. 2-4.
36. Various commentaries include, 'Blair Raises the Stake', The Economist, 13 January 1996, pp. 33-4; 'Stakeholders Willy-Nilly', editorial, Financial Times, 16 January 1996; 'Raising the Stakes', The Guardian, 17 January 1996, section 2, pp. 2-4.
37. For more details see Mukul G. Asher, 'The Singapore Model', in Butler et al., Singapore Versus Chile, pp. 12-22.
38. Ibid., pp. 17, 13.
39. Ibid., p. 15.
40. Ibid., p. 19.
41. Ibid., p. 21.
42. World Bank, Averting the Old Age Crisis.
43. Karl Borden, 'How Chile Broke the Pensions Chain Lerter', in Butler et al., Singapore Versus Chile, pp. 23-35.
44. Jaime Ruiz-Tagle, 'A Pensions Sysrem Based on Individual Funded Arrangements: The Case of Chile', paper presented to the Conference on Financial Security in Retirement: the Role for Employees, Congress House, London, November 1995.
45. Eamon Butler, 'What Model for UK Welfare Reform?', in Butler et al., Singapore Versus Chile, p. 9, my emphasis.
46. Borden, 'How Chile Broke the Pensions Chain Letter', p. 28; emphasis in original except for last sentence.
47. Roger Beattie and Warren McGillivray, 'A Risky Strategy: Reflections on the World Bank Report Averting the Old Age Crisis', International Social Security Review, vol. 48, nos. 3-4 (1995). In addition, a recent pamphlet by Barbara Castle and Peter Townsend makes this and other points very clearly. For example, 'the choice between funding and PAYG [pay-as-you-go] is a political, not an economic one.' We Can Afford the Welfare State, London 1995, p. 18.
48. Roger Beattie and Warren McGillivray, 'A Risky Strategy: Reflections on the World Bank Report Averting the Old Age Crisis', International Social Security Review, vol. 48, nos. 3-4 (1995). In addition, a recent pamphlet by Barbara Castle and Peter Townsend makes this and other points very clearly. For example, 'the choice between funding and PAYG [pay-as-you-go] is a political, not an economic one.' We Can Afford the Welfare State, London 1995, p. 18.
49. The main exception is the French system of pay-as-you-go for private-sector employees (repartition) which is run jointly by employers and employees and which, it appears, has managed to adjust to competing pressures. See Emmanuel Reynaud, Les Retraites en France; Le Rôle des Régimes Complémentaires, Les Études de la Documentation Française, Paris 1994.
50. For example, see the World Bank, Averting the Old Age Crisis.
51. For example, the World Bank, Averting the Old Age Crisis; The Federal Trust, The Pensions Timebomb in Europe, London 1995; plus various articles in the Financial Times and elsewhere alleging an explosive mix of demographic and public expenditure ingredients; see Minns, 'The Political Economy of Pensions'.
52. For example, the World Bank, Averting the Old Age Crisis; The Federal Trust, The Pensions Timebomb in Europe, London 1995; plus various articles in the Financial Times and elsewhere alleging an explosive mix of demographic and public expenditure ingredients; see Minns, 'The Political Economy of Pensions'.
53. For example, the World Bank, Averting the Old Age Crisis; The Federal Trust, The Pensions Timebomb in Europe, London 1995; plus various articles in the Financial Times and elsewhere alleging an explosive mix of demographic and public expenditure ingredients; see Minns, 'The Political Economy of Pensions'.
54. For example, the World Bank, Averting the Old Age Crisis; The Federal Trust, The Pensions Timebomb in Europe, London 1995; plus various articles in the Financial Times and elsewhere alleging an explosive mix of demographic and public expenditure ingredients; see Minns, 'The Political Economy of Pensions'.
55. Robert Pollin, 'Financial Structures and Egalitarian Economic Policy', NLR 214, pp. 26-61.
56. Andrew Glyn, 'Social Democracy and Full Employment', NLR 211, p. 55.
57. Teresa Ghilarducci, 'US Pension Investment Policy and Perfect Capital Market Theory', Challenge, July-August 1994.
58. See Rifkin and Barber, The North Will Rise Again.
59. Ghilarducci, 'US Pension Investment Policy', p. 10.
60. John Gray, 'Revival of Reforms', The Guardian, 8 July 1996, p. 13.
61. Gerald Holtham, 'The Common Good', New Statesman and Society, 12 January 1996, pp. 20-1.
62. Brewer and Boyle, 'End of the Illusions?', p. 72.
63. Drucker, The Unseen Revolution, p. 44.
64. Martin and Minns, 'Undermining the Financial Basis of Regions'; Minns, 'The Political Economy of Pensions'.
65. Martin and Minns, 'Undermining the Financial Basis of Regions'; Minns, 'The Political Economy of Pensions'.