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About This Book
The Unseen Revolution: How Pension Fund Socialism Came to America covers the principles and concepts of the American pension fund socialism.
This book is composed of five chapters, and begins with the history and developments of pension fund socialism in the United States. The next chapter deals with the fundamental problems of economic structure, policy, and, as well as the problems of authority, legitimacy, and control of the so-called Social Security. The discussion then shifts to involved social institutions and issues, along with the political lessons and issues of pension fund socialism. The last chapter considers the American politics realignments and readjustments.
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1.
TheÂ
RevolutionÂ
NoÂ
OneÂ
NoticedÂ
TheÂ
AttainmentÂ
ofÂ
PensionÂ
FundÂ
SocialismÂ
IfÂ
"socialism"Â
isÂ
definedÂ
asÂ
"ownershipÂ
ofÂ
theÂ
meansÂ
ofÂ
productionÂ
byÂ
theÂ
workers"âandÂ
thisÂ
isÂ
bothÂ
theÂ
orthodoxÂ
andÂ
theÂ
onlyÂ
rigorousÂ
definitionâthenÂ
theÂ
UnitedÂ
StatesÂ
isÂ
theÂ
firstÂ
trulyÂ
"Socialist"Â
country.Â
ThroughÂ
theirÂ
pensionÂ
funds,Â
employeesÂ
ofÂ
AmericanÂ
businessÂ
todayÂ
ownÂ
atÂ
leastÂ
25Â
percentÂ
ofÂ
itsÂ
equityÂ
capital,Â
whichÂ
isÂ
moreÂ
thanÂ
enoughÂ
forÂ
control.Â
TheÂ
pensionÂ
fundsÂ
ofÂ
theÂ
self-employed,Â
ofÂ
theÂ
publicÂ
employees,Â
andÂ
ofÂ
schoolÂ
andÂ
collegeÂ
teachersÂ
ownÂ
atÂ
leastÂ
anotherÂ
10Â
per-
cent,Â
givingÂ
theÂ
workersÂ
ofÂ
AmericaÂ
ownershipÂ
ofÂ
moreÂ
thanÂ
one-thirdÂ
ofÂ
theÂ
equityÂ
capitalÂ
ofÂ
AmericanÂ
business.Â
WithinÂ
anotherÂ
tenÂ
yearsÂ
theÂ
pensionÂ
fundsÂ
willÂ
inevitablyÂ
increaseÂ
theirÂ
holdings,Â
andÂ
byÂ
1985Â
(probablyÂ
sooner),Â
theyÂ
willÂ
ownÂ
atÂ
leastÂ
50âifÂ
notÂ
60âpercentÂ
ofÂ
equityÂ
capital.Â
TenÂ
yearsÂ
later,Â
orÂ
wellÂ
beforeÂ
theÂ
turnÂ
ofÂ
theÂ
cen-
tury,Â
theirÂ
holdingÂ
shouldÂ
exceedÂ
aroundÂ
two-thirdsÂ
ofÂ
theÂ
equityÂ
capitalÂ
(thatÂ
is,Â
theÂ
commonÂ
shares)Â
plusÂ
aÂ
majorÂ
portionâperhapsÂ
40Â
percentâofÂ
theÂ
debtÂ
capitalÂ
(bonds,Â
Table of contents
- Front Cover
- The Unseen Revolution: How Pension Fund Socialism Came to America
- Copyright Page
- Table of Contents
- Chapter 1. The Revolution No One Noticed
- Chapter 2. Pension Fund Socialism: The Problems of Success
- Chapter 3. Social Institutions and Social Issues Under Pension Fund Socialism
- Chapter 4. The Political Lessons and Political Issues of Pension Fund Socialism
- Chapter 5. New Alignments in American Politics
- Index