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Dismantling SolidarityCapitalist Politics and American Pensions since the New Deal$
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Michael A. McCarthy

Print publication date: 2017

Print ISBN-13: 9780801454226

Published to Cornell Scholarship Online: September 2017

DOI: 10.7591/cornell/9780801454226.001.0001

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Capitalist Crisis and Pension Insecurity

Capitalist Crisis and Pension Insecurity

Chapter:
(p.8) 2 Capitalist Crisis and Pension Insecurity
Source:
Dismantling Solidarity
Author(s):

Michael A. McCarthy

Publisher:
Cornell University Press
DOI:10.7591/cornell/9780801454226.003.0002

This chapter develops the conceptual approach used to explain pension marketization. It first discusses how Americans, relative to their counterparts in other advanced capitalist countries, have had their retirement income more greatly exposed to capitalist market processes and pressures. It then reviews the historical evolution of private pension system in the United States since the New Deal. It draws on crisis management theories to understand the development of pensions in the Unites States. Next, it presents three arguments about how the pension system was changed and oriented toward the market. These arguments serve two functions. First, taken together, they explain each of the episodes of change in the private pension system. Second, they also form the conceptual framework for thinking about the structural contingency of welfare state change.

Keywords:   retirement income, pension marketization, income security, old age income, crisis management, capitalist market, private pension system, welfare state

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