Rethinking the Welfare State: The Political Economy of Pension Reform

In this book a distinguished group of contributors discuss the changing political economy of pension reform. They focus on those countries which have launched a significant reframing of their pension system. Each chapter provides a detailed review of recent pension reforms and offers institutional evidence of the extent to which these reforms suggest a redirection of the welfare state towards a more public-private mix of policies. The countries were selected to represent the variety of new directions which mature industrial countries as well as countries in transition have taken. The book brings to light a number of surprising developments. These include the observation that pension systems do not conform to pure models of welfare system regimes; that a number of diverse developments have contributed to the extension of private pensions; that an emerging pattern of substituting private for public pensions can be detected but public provision still dominates in transition economies and that traditional employer-provided private pension schemes are undergoing significant change. One conclusion is that the design of the pension scheme may be more important than the mix of public-private in preventing the growth of inequality among the aged. This important book will be essential reading for scholars of economics, public policy, political science and finance as well as policymakers and practitioners involved in pension system reform.