In the eye of the 'perfect storm': the final salary pension crisis and financialisation of Anglo-American capitalism.

Langley, Paul (2004) In the eye of the 'perfect storm': the final salary pension crisis and financialisation of Anglo-American capitalism. New Political Economy, 9 (4). pp. 539-558. ISSN 1356-3467

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Official URL: http://dx.doi.org/10.1080/1356346042000311164

Abstract

This article considers the crisis of UK and US final salary pension schemes. Contrary to current analysis that the crisis is the outcome of a 'perfect storm' - the unlikely coincidence of falling stock prices and bond rates - the paper argues that the crisis is constituted through several contradictory dynamics in the processes of financialisation, including the rise of theories/models of asset management which transform the investment strategies of pension funds, and, pressures to deliver shareholder value which erode the commitment of employers to occupational welfare. The article will be reprinted in the forthcoming Financialisation Reader (Routledge).

Item Type: Article
Uncontrolled Keywords: pensions, pension trusts
Subjects: N300 Finance
Department: Faculties > Arts, Design and Social Sciences > School of Arts and Social Sciences > Social Sciences & Languages
Depositing User: EPrints Services
Date Deposited: 23 May 2008 11:36
Last Modified: 10 Aug 2015 11:17
URI: http://nrl.northumbria.ac.uk/id/eprint/1017

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