Authors: Martin Feldstein
ISBN-13: 9780226241012, ISBN-10: 0226241017
Format: Hardcover
Publisher: University of Chicago Press
Date Published: September 1998
Edition: 1
This volume represents the most important work to date on one of the pressing policy issues of the moment: the privatization of social security. Although social security is facing enormous fiscal pressure in the face of an aging population, there has been relatively little published on the fundamentals of essential reform through privatization. Privatizing Social Security fills this void by studying the methods and problems involved in shifting from the current system to one based on mandatory saving in individual accounts.
"Timely and important. . . . [Privatizing Social Security] presents a forceful case for a radical shift from the existing unfunded, pay-as-you-go single national program to a mandatory funded program with individual savings accounts. . . . An extensive analysis of how a privatized plan would work in the United States is supplemented with the experiences of five other countries that have privatized plans." —Library Journal
"[A] high-powered collection of essays by top experts in the field."—Timothy Taylor, Public Interest
Widespread recent interest in the financial viability of the Social Security system in the 21st century makes this book, edited by Harvard economist Feldstein, timely and important. A massive and dense study, it presents a forceful case for a radical shift from the existing unfunded, pay-as-you-go single national program to a mandatory funded program with individual savings accounts allowing free choice of investments in stocks, bonds, and mortgages. Feldstein argues that not only would such a plan make Social Security financially sound but that it would also stimulate private savings and make labor markets more efficient. An extensive analysis of how a privatized plan would work in the United States is supplemented with the experiences of five other countries that have privatized plans. Recommended for academic and larger public libraries.--Harry Frumerman, formerly with Hunter Coll., New York
Preface | ||
Introduction | 1 | |
1 | The Chilean Pension Reform: A Pioneering Program | 33 |
Comment | ||
2 | Australia's Retirement Income System | 63 |
Comment | ||
3 | The Roles of the Public and Private Sectors in the U.K. Pension System | 99 |
Comment | ||
4 | Pension System Reform: The Mexican Case | 135 |
Comment | ||
5 | The Shift to a Funded Social Security System: The Case of Argentina | 177 |
Comment | ||
6 | The Transition Path in Privatizing Social Security | 215 |
Comment | ||
7 | Simulating the Privatization of Social Security in General Equilibrium | 265 |
Comment | ||
8 | Privatizing Social Security: First-Round Effects of a Generic, Voluntary, Privatized U.S. Social Security System | 313 |
Comment | ||
9 | Individual Financial Decisions in Retirement Saving Plans and the Provision of Resources for Retirement | 363 |
Comment | ||
10 | Administrative Costs in Public and Private Retirement Systems | 403 |
Comment | ||
Contributors | 457 | |
Author Index | 459 | |
Subject Index | 463 |