Overview

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 the imperatives 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-up options 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 connection between 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 a pan-European approach to retirement income provision.

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9780199253647

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Reviews

... provides a refreshing addition to the burgeoning literature on social security and old age retirement security ... a unique examination of the history and geography underlying pension systems ... this is a wonderful addition to the literature and a recommended read for any student and practitioner of pension reform. Investment & Pensions Europe 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 of governance 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

... provides a refreshing addition to the burgeoning literature on social security and old age retirement security ... a unique examination of the history and geography underlying pension systems ... this is a wonderful addition to the literature and a recommended read for any student and practitioner of pension reform. Investment & Pensions Europe 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 of governance 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

Author Information

Gordon L. Clark is the Halford Mackinder Professor of Geography, Fellow of the Saïd 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 of the Pensions Policy Institute.

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