Jump to ContentJump to Main Navigation
Dismantling SolidarityCapitalist Politics and American Pensions since the New Deal$
Users without a subscription are not able to see the full content.

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

Show Summary Details
Page of

PRINTED FROM Cornell University Press SCHOLARSHIP ONLINE (www.cornell.universitypressscholarship.com). (c) Copyright University of Cornell University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in Cornell for personal use. date: 27 May 2020

Toward the 401(K) Ownership Society

Toward the 401(K) Ownership Society

(p.126) 5 Toward the 401(K) Ownership Society
Dismantling Solidarity

Michael A. McCarthy

Cornell University Press

This chapter explains the rise of defined-contribution plans, such as 401(k)s, after the late 1970s. In the postwar period, policymakers were determined to quiet labor-management conflicts and establish a regularized labor peace that could take advantage of opportunities in war torn markets. As the capitalist context changed, so did this orientation. By the late 1970s policymakers moved to restrain and depress wages to counter a growing inflation crisis. The chapter shows that the rise of 401(k)s, on the one hand, and the decline of defined-benefit plans, on the other, was the inadvertent result of policymakers attempting to revive America's stagnating and inflationary economy.

Keywords:   defined-contribution plans, pension plans, private pension system, retirement income, 401(k)s, economic policy, inflation, defined-benefit plans

Cornell Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.