The Privatization and Marketization of Pensions in Europe: A Double Transformation Facing the Crisis


Ebbinghaus, Bernhard


DOI: https://doi.org/10.18278/epa.1.1.5
URL: http://www.ipsonet.org/publications/open-access/12...
Additional URL: http://www.geog.ox.ac.uk/events/141001/Ebbinghaus_...
Document Type: Article
Year of publication: 2015
The title of a journal, publication series: European Policy Analysis : EPA
Volume: 1
Issue number: 1
Page range: 56-73
Place of publication: Washington, DC
Publishing house: Policy Studies Organization
Publication language: English
Institution: Außerfakultäre Einrichtungen > Mannheim Centre for European Social Research - Research Department A
School of Social Sciences > Soziologie III, Makrosoziologie (Ebbinghaus 2004-16)
Subject: 300 Social sciences, sociology, anthropology
Abstract: In response to the demographic challenges and fiscal constraints, many European welfare states have moved toward the privatization and marketization of pensions in order to improve their financial sustainability. The privatization of retirement income responsibility has led to a shift from dominantly public pensions to a multi-pillar architecture with growing private pillars composed of personal, firm-based, or collectively negotiated pension arrangements. At the same time, marketization has led to the introduction and expansion of prefunded pension savings based on financial investments as well as stronger reliance of market-logic principles in the remaining public pay-as-you-go (PAYG) pensions. However, there are also important cross-national variations in the speed, scope, and structural outcome of the privatization and marketization of European pension systems. Liberal market economies, but also some coordinated market economies (the Netherlands and Switzerland) as well as the Nordic countries have embraced multi-pillar strategies earlier and more widely, while the Bismarckian pensions systems and the post-socialist transition countries of Eastern Europe have been belated converts. The recent financial market and economic crisis, however, indicates that the double transformation may entail short-term problems and long-term uncertainties about the social and political sustainability of these privatized and marketized multi-pillar strategies.
Additional information: Online-Ressource

Dieser Eintrag ist Teil der Universitätsbibliographie.




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Ebbinghaus, Bernhard (2015) The Privatization and Marketization of Pensions in Europe: A Double Transformation Facing the Crisis. European Policy Analysis : EPA Washington, DC 1 1 56-73 [Article]


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