The last few years have shown how badly the financial services industry performs as a custodian of savings and pension funds. The skimming of US mutual funds, the see-saw of the stock markets and a string of business scandals from Enron to Parmalat have wiped billions from the savings of employees on both sides of the Atlantic. They have also exposed the absence of responsibility at the heart of what Robin Blackburn calls 'grey capitalism.'
Age Shock: How Finance is Failing Us
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A serious and finely argued attack on contemporary market fundamentalism in a vivid phrasemaking style, which is even entertaining when it is not depressing you with the facts. --Guardian
An ambitious recasting of pensions strategy for an ageing society. --Goran Therborn, New Left Review
An impressive book ... Blackburn argues that the hard-won state systems and the private pensions that supplement them have come under threat. --New York Review of Books
An ambitious recasting of pensions strategy for an ageing society. --Goran Therborn, New Left Review
An impressive book ... Blackburn argues that the hard-won state systems and the private pensions that supplement them have come under threat. --New York Review of Books
About the Author
ROBIN BLACKBURN teaches at the New School in New York and the University of Essex of the UK. He is the author of many books, including The Making of New World Slavery, The Overthrown of Colonial Slavery, Age Shock, Banking on Death, and The American Crucible.
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Essential reading on pension and retirement policy
26 Feb 2012
By James W. Russell
- Published on Amazon.com
Format:Paperback
Robin Blackburn, a former editor of New Left Review, is probably the world's greatest leftwing expert on pensions and retirement policy. This is his second comprehensive book on the subject, the first being Banking on Death (2002).
Blackburn probes with extraordinary scholarship and critical analysis the retirement crisis facing western countries, one that portends a future of growing elderly poverty as financial elites, abetted by compliant politicians, increasingly replace public programs like Social Security that generally work well with private 401(k) like plans that provide more income for the financial services industry than security for retirees. This retrograde policy is occurring as societies are ageing and in need of more, not less, support for the retired. In the final part of the book he sketches out a fiscally sound alternative: bolstering public plans and creating new secondary pensions so that all retirees could be assured of at least 70 percent of preretirement income.
This is important reading for anyone attempting to sort out the very complicated relationship between finance capital and pension funds. The book will be especially useful for labor union officials and organizers who are entrusted with protecting their members' retirement plans.
Blackburn probes with extraordinary scholarship and critical analysis the retirement crisis facing western countries, one that portends a future of growing elderly poverty as financial elites, abetted by compliant politicians, increasingly replace public programs like Social Security that generally work well with private 401(k) like plans that provide more income for the financial services industry than security for retirees. This retrograde policy is occurring as societies are ageing and in need of more, not less, support for the retired. In the final part of the book he sketches out a fiscally sound alternative: bolstering public plans and creating new secondary pensions so that all retirees could be assured of at least 70 percent of preretirement income.
This is important reading for anyone attempting to sort out the very complicated relationship between finance capital and pension funds. The book will be especially useful for labor union officials and organizers who are entrusted with protecting their members' retirement plans.
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