The Cold War in Welfare: Stock Markets Versus Pensions
The Cold War in Welfare: Stock Markets Versus Pensions
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福利冷战：股票市场与养老金
DOI：
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发表时间：
2001
期刊：
影响因子：
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通讯作者：
R. Minns
中科院分区：
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作者：
R. Minns
在金融市场和国家在提供养老金和经济融资方面的角色问题上，相互竞争的国家集团之间已经形成了一场新的冷战。一个英美集团，已经扩展到南美、澳大利亚、加拿大和日本，青睐私人养老金在股票市场上的投资。这种方法的支持者辩称，它将更有效率，并为企业增长提供资金。一个欧洲集团(不包括英国)支持政府提供养老金，而不稳定的股市在养老金提供方面的作用要小得多。这种模式正受到世界银行、金融市场以及美国和英国许多资深学者的威胁。这本书是第一本对这种情况进行全面分析的书。报告认为，社会供给和企业与金融部门的关系密不可分，此外，通过股市扩大私人养老金规模，会导致投资者在市场上控制企业，这些投资者希望实现个人财务回报最大化，而不是企业增长。事实上，这本书得出的结论是，支持英美策略的许多论点不是基于改善养老金和经济增长，而是基于如何促进股市本身，这是截然不同的事情。
A new Cold War has developed between competing blocs of countries over the role of financial markets versus the state in the provision of pensions and the financing of the economy generally. An Anglo-American bloc, which has spread into South America, Australia, Canada and Japan, favours private pension investment on stock markets. Proponents of this approach argue that it will be much more efficient and provide capital for corporate growth. A European bloc, not including the UK, favours state provision and a much smaller role for unstable stock markets in the provision of pensions. This model is under threat from the World Bank, financial markets, and many senior academics in the US and Britain. This book is the first to analyse comprehensively this situation. It argues that social provision and corporate relationships with the financial sector are inextricably linked, and moreover that the expansion of private pensions through stock markets has all the attendant consequences for the control of companies by investors on those markets who want to maximise individual financial returns as opposed to corporate growth. Indeed, the book comes to the conclusion that many of the arguments used in support of the Anglo-American approach are based not on improving pensions and economic growth but rather on how to promote stock markets themselves, a decidedly different matter.