European Pensions and Global Finance

Paperback | January 1, 2003

byGordon L. Clark

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This book is about the demographic and funding crises that threaten continental European systems of pension and retirement income. The author argues that state-sponsored social security will not deliver promised retirement incomes for the baby-boom generation; European monetary union and theimperatives of global finance has made such promises untenable thereby undercutting nation-state social solidarity. Globalization has set many challenges for European countries, not least of which is providing pension security for their citizens. At the same time, global finance has opened-upoptions for corporations and individuals seeking alternatives to the past; but exercising those opportunities will come at a high cost for European notions of social justice. Drawing upon original research, the author considers (1) the dimensions of the pending European retirement income funding crisis, noting the economic and political forces involved in debates over possible solutions; (2) Current country-specific models of pensions provision, making the connectionbetween social security and supplementary pensions; (3) The allocation of risks between individuals, markets, and institutions emphasizing the tensions between social solidarity and the market in France, Germany, the Netherlands, and the United Kingdom; (4) And finally, the prospects for apan-European approach to retirement income provision.

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This book is about the demographic and funding crises that threaten continental European systems of pension and retirement income. The author argues that state-sponsored social security will not deliver promised retirement incomes for the baby-boom generation; European monetary union and theimperatives of global finance has made such p...

Gordon L. Clark is the Halford Mackinder Professor of Geography, Fellow of the Said Business School, and Research Fellow of the Institute of Ageing at the University of Oxford, and is a Fellow of St Peter's College, Oxford. He is a member of the Panel of Academic Experts of the UK National Association of Pension Funds and a Governor o...

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Format:PaperbackDimensions:272 pages, 9.21 × 6.14 × 0.59 inPublished:January 1, 2003Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199253641

ISBN - 13:9780199253647

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Table of Contents

1. Introduction: The Nation-State in the Twenty-First Century2. Overview: Demography and Pensions Funding3. Requiem for a French Ideal4. Global Finance and German Accounting Rules5. Stakeholders, Shareholders, and German Co-determination6. Dutch Fund Governance and Financial Services7. London's Place in the World of Finance8. Epilogue: Pension Futures

Editorial Reviews

`European Pensions and Global Finance is a thought-provoking and lucid book. Drawing on research from a diverse range of fields ranging from sociology to geography to financial economics, Gordon Clark has succeeded in producing perhaps the best overall exposition of the key issues ofgovernance and globalisation and their role in the evolution of pensions in Europe. This is a book which can and should be read by anyone who wishes to further their understanding of European pensions.'Mike Orszag, Head of Research, Watson Whatt; Chairman, Research Committee, International Network of Pension Regulators and Supervisors