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The Pension Fund Revolution (Hardcover, 2nd edition)
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The Pension Fund Revolution (Hardcover, 2nd edition)
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In The Pension Fund Revolution, originally published nearly two
decades ago under the title The Unseen Revolution, Drucker reports
that institutional investors, especially pension funds, have become
the controlling owners of America's large companies, the country's
only capitalists. He maintains that the shift began in 1952 with
the establishment of the first modern pension fund by General
Motors. By 1960 it had become so obvious that a group of young men
decided to found a stock-exchange firm catering exclusively to
these new investors. Ten years later this firm (Donaldson, Lufkin
& Jenrette) became the most successful, and one of the biggest,
Wall Street firms. Drucker's argument, that through pension funds
ownership of the means of production had become socialized without
becoming nationalized, was unacceptable to the conventional wisdom
of the country in the 1970s. Even less acceptable was the second
theme of the book: the aging of America. Among the predictions made
by Drucker in The Pension Fund Revolution are: that a major health
care issue would be longevity; that pensions and social security
would be central to American economy and society; that the
retirement age would have to be extended; and that altogether
American politics would increasingly be dominated by middle-class
issues and the values of elderly people. While readers of the
original edition found these conclusions hard to accept, Drucker's
work has proven to be prescient. In the new epilogue, Drucker
discusses how the increasing dominance of pension funds represents
one of the most startling power shifts in economic history, and he
examines their present-day Impact. The Pension Fund Revolution is
now considered a classic text regarding the effects of pension fund
ownership on the governance of the American corporation and on the
structure of the American economy altogether. The reissuing of this
book is more timely now than ever. It provides a wealth of
information for sociologists, economists, and political theorists.
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