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This monograph surveys the results of government intervention in the market for retirement income provision throughout the world. The authors begin by looking at high-income democracies in which governments have, to a large degree, taken over the function of providing pensions. They find that state provision crowds out private provision and places a considerable fiscal burden on developed country governments. This fiscal burden is then combined with complex regulatory systems that are imposed on the private sector and which make pensions incomprehensible. Furthermore, as the authors show, the ageing populations may make meaningful reform of government pensions programmes impossible, as 'grey' electors flex their muscles. The authors find the same patterns in middle-income and low-income countries. State pension systems are often found hand-in-hand with a lack of security, partly because of the problems of corruption and inflation. The state frequently does its best to crowd out private initiative, but, where they are allowed to, families make provision for retirement in all sorts of ingenious ways. The authors reject the World Bank blueprint of formal, structured pension systems.They suggest instead that governments focus on ensuring that the legal and financial infrastructure exists to allow people to make proper provision for their retirement. So-called 'market failure' will always ensure that the result is imperfect. But, by comparison, government failure around the world has had catastrophic effects.
Finance, Society and Sustainability
How to Make the Financial System Work for the Economy, People and Planet
Inbunden, Engelska, 2017
606 kr
Skickas inom 10-15 vardagar
This book is a critical analysis of the impact of the financial system on the economy, society and the natural environment. It cuts through the noise to looks at its purpose, its activities, and what it does in practice.Unlike other books that cover the last financial crisis and the risk of another one; this book is about the consequence of the financial system continuing in its current form. It argues that the financial system is a construct of flawed economic theories, designed in the hope that the market will efficiently allocate society’s capital. Instead, the finance sector allocates savings and investment to maximize its own revenues, with resulting collateral damage to the economy, society and the environment.Although governments try to preserve and regulate the existing system, it is being replaced by a new system driven by technological innovation. The book describes the opportunities this presents for a renaissance of the financial system to actually meet the needsof society, and to re-engineer our economy to avoid environmental crisis.The book is for anyone who would like to understand the finance system’s purpose, what it does in practice and its impact on the real world. For those working in the industry it provides an overview of the system, their place within it, and how to bring about change. For students and academics it provides a valuable critique of the financial system, and the theories on which it is based. For financial policymakers and regulators it identifies key challenges in their activities.