Age Shock and Pension Power: How Finance is Failing Us

Age Shock and Pension Power: How Finance is Failing Us

by Robin Blackburn
     
 
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

Overview

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.’

Here, Blackburn takes forward the argument of his acclaimed Banking on Death and explains why attempts to meet the costs of the ageing society through a proliferation of financial products are doomed to fail and have a host of unfortunate side-effects. In fact, ‘financial engineering,’ as it is called, has enabled corporations to escape taxation while allowing a new breed of chief executive to accumulate extravagant fortunes at the expense of shareholder and employee alike.

The author does not just expose problems, however; he also explores solutions. Blackburn identifies new sources of pension finance–especially ways of ensuring that corporations make a real contribution–and sketches the shape of a progressive and responsible pension fund regime, embracing all citizens and accountable to them.

Editorial Reviews

From the Publisher
“Blackburn’s book is a serious and finely argued attack on contemporary market fundamentalism in a vivid phrasemaking style.”—Steven Poole, Guardian

Product Details

ISBN-13:
9781844670130
Publisher:
Verso Books
Publication date:
12/11/2006
Pages:
160
Product dimensions:
6.50(w) x 9.60(h) x 1.20(d)

Meet the Author

Robin Blackburn teaches at the New School in New York and the University of Essex in the UK. He is the author of many books, including The Making of New World Slavery, The Overthrow of Colonial Slavery, Age Shock, Banking on Death, and The American Crucible.

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