Suchergebnisse

During the 1990s, pension funds seemed to dominate the world's capital markets, reaping unprecedented rates of return. This stands in glaring contrast to the budgetary difficulties of most nonfunded European pension arrangements, which are a result of the changing demographic composition of the population. As a result, a growing number of European states is trying to transform the existing pay-as-you-go systems into funded pension arrangements. After a critical examination of these demographic projections, the claim that funded pension systems are not subject to 'demographic stress' is critically assessed. Finally, given the logic to which funded pension arrangements are subject, it is argued that the introduction of such institutions could result in a growing financialisation of the economy. It is claimed here that this is not without dangers for the long-term wealth-generating capacity of firms. So, not only are the reasons for pension restructuring less compelling than is generally thought, restructuring could also result in unwanted side-effects.

The author offers a conceptual investigation of the tension between openness and protection in well-developed welfare states. Because of a combination of demographic tendencies and labor market shortages, a growing number of European welfare states is currently exploring market-led immigration policies. However, the level of protection these welfare states offer seems hard to reconcile with the low threshold markets that are needed to incorporate newcomers. The author argues that the "solution"lies not so much in a clear political choice for either but rather in the coordinated institutionalization of differentiated citizenship rights. The author illustrates this case with examples taken from the Dutch context, claiming further that the particular combination of corporatist welfare arrangements and the tradition of lenient enforcement in the Netherlands provides a "natural"habitat for the kind of regime pluralism that differentiated citizenship requires.