연금자본주의의 한계와 그 가능성

Abstract

This paper argues the hypothesis that the U.S. capitalism transformed from managerial capitalism into shareholder capitalism since 1980s. The so called ‘shareholder capitalism’ is a creature of the compromises between managers an shareholders, which are guaranteeing the free movements of the financial capital, especially social security capital. In this regards, we need to introduce the concept of ‘Pension fund capitalism’ or ‘Fund capitalism’ facing up to privatizing the social security systems. This paper investigates the suggestions of the pension fund capitalism as a new growth(accumulation) regime. The preliminary conclusion is skeptical, for the growth regime based on the financial capital is intrinsically unstable, suppresses the productive capital and hands over the investment risks to the workers, ultimate pension beneficiaries.