In The Pension Fund Revolution, originally published nearly two decades ago under the title The Unseen Revolution, Peter F. Drucker reports that institutional investors, especially pension funds, have become the controlling owners of America's large companies, the country's only capitalists. He maintains that the shift began in 1952 with the establishment of the first modern pension fund by General Motors. By 1960 it had become so obvious that a group of young men decided to found a stock-exchange firm catering exclusively to these new investors. Ten years later this firm (Donaldson, Lufkin & Jenrette) became the most successful, and one of the biggest, Wall Street firms. Drucker's argument, that through pension funds ownership of the means of production had become socialized without becoming nationalized, was unacceptable to the conventional wisdom of the country in the 1970s. Among the predictions made by Drucker in The Pension Fund Revolution are: that a major health care issue would be longevity; that pensions and social security would be central to American economy and society; that the retirement age would have to be extended; and that altogether American politics would increasingly be dominated by middle-class issues and the values of elderly people. While readers of the original edition found these conclusions hard to accept, Drucker's work has proven to be prescient. In the new epilogue, Drucker discusses how the increasing dominance of pension funds represents one of the most startling power shifts in economic history, and he examines their present-day impact.

Praise for Pension Revolution "When Keith Ambachtsheer puts his keen mind to work on a problem, watch out! Here he exposes today's fragile arrangements for the most serious social dilemma of our times--financing retirement. Then he provides a compelling and powerful set of solutions. His writings are essential reading for all who care about the future of American living standards." --Peter Bernstein, founder and President, Peter L. Bernstein, Inc., and author of Capital Ideas and Against the Gods "This book describes one of the most ingenious inventions in the history of mankind: pension funds offering credible promises about old-age income. It reads like a thriller: how can well-governed pension funds be created in an imperfect world in which mortals wrestle with foibles and moral shortcomings? One of the world's leading experts on pensions searches for the answer--and finds it." --Lans Bovenberg, Scientific Director, Network for Studies on Pensions, Aging, and Retirement, Tilburg University, The Netherlands "Pension Revolution exposes the inadequacies of current pension systems and persuasively makes the case for the fundamental changes that are needed. It is essential reading for both the pension industry and policymakers." --Elizabeth Bryan, Chair, Investment Committee, Unisuper Management PM Ltd, Australia "Most analyses of complicated issues deal with complexity by simplifying or only looking at one piece-part, and, in doing so, provide limited value. In stark contrast, Keith Ambachtsheer boldly wades into the complexity in Pension Revolution to come up with a valuable integrative solution. He is a most welcome revolutionary!" --Roger Martin, Dean, Joseph L. Rotman School of Management, University of Toronto, Canada "We have known Keith for over ten years, and consistently over that time, he has constructively and comprehensively challenged conventional wisdom. He has done this so effectively that many of his initial thoughts have now become universally accepted norms. Such is his energy however that he continues to push the boundaries of pension and investment thinking." --Peter Moon, Chief Investment Officer, Universities Superannuation Scheme Ltd, UK "Pension Revolution not only explains the shortcomings of the existing pension system and the underlying design features that have resulted in the current pension upheaval. It also offers thoughtful and creative suggestions for prospective pension design. A must-read for anyone interested in the future of retirement finance." --James Poterba, Professor of Economics, Massachusetts Institute of Technology and a member of the TIAA-CREF Board of Trustees

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.

"Abstracts of some 465 pension records of the soldiers in Virginia. In the majority of these files, the date of death of the soldier or his widow is shown, and the name of the executor or administrator is often given. If the soldier was killed in service, the place or the name of the battle, as well as statement of his wounds, appear. This book contains the names of more than 10,000 individuals."--Publisher.

A real-world look at the pension revolution underway The Future of Pension Management offers a progress report from the field, using actual case studies from around the world. In the mid-70s, Peter Drucker predicted that demographic dynamics would eventually turn pensions into a major societal issue; in 2007, author Keith Ambachsheer's book Pension Revolution laid out the ways in which Drucker's predictions had come to pass. This book provides a fresh look at the situation on the ground, and details the encouraging changes that have taken place in pension management concepts and practices. The challenges identified in 2007 are being addressed, and this report shows how design, management, and investment innovation have led to measurably better pension outcomes. Pensions have become an everyday news item, and people are rightly concerned about the security of their retirement in light of recent pension scandals and the global financial crisis. This book provides a note of encouragement, detailing the ways in which today's pensions are becoming more and more secure, and the new ideas and practices that are chipping away at the challenges. Learn how pension management practices are improving Examine the uptick in positive outcomes over recent years Discover why pension investing is turning toward the long-term Consider the challenges that remain and their possible solutions Drucker's vision of a needed pension revolution is unfolding in real time. Better pension designs, more effective pension governance, and more productive pension investing are mitigating many of the issues that threatened collapse. The Future of Pension Management provides a real-world update on the state of pensions today and a look forward to the changes we still need to make.

Reviews developments in pensions in Chile, Germany, Netherlands, Switzerland, the UK and USA in the period 1960-1996, with projections to the year 2050. Compares the multi-pillar pension systems and respective contribution and replacement rates, population ageing, and reform options.

The Revolutionary War encompassed at least two struggles: one for freedom from British rule, and another, quieter but no less significant fight for the liberty of African Americans, thousands of whom fought in the Continental Army. Because these veterans left few letters or diaries, their story has remained largely untold, and the significance of their service largely unappreciated. Standing in Their Own Light restores these African American patriots to their rightful place in the historical struggle for independence and the end of racial oppression. Revolutionary era African Americans began their lives in a world that hardly questioned slavery; they finished their days in a world that increasingly contested the existence of the institution. Judith L. Van Buskirk traces this shift to the wartime experiences of African Americans. Mining firsthand sources that include black veterans’ pension files, Van Buskirk examines how the struggle for independence moved from the battlefield to the courthouse—and how personal conflicts contributed to the larger struggle against slavery and legal inequality. Black veterans claimed an American identity based on their willing sacrifice on behalf of American independence. And abolitionists, citing the contributions of black soldiers, adopted the tactics and rhetoric of revolution, personal autonomy, and freedom. Van Buskirk deftly places her findings in the changing context of the time. She notes the varied conditions of slavery before the war, the different degrees of racial integration across the Continental Army, and the war’s divergent effects on both northern and southern states. Her efforts retrieve black patriots’ experiences from historical obscurity and reveal their importance in the fight for equal rights—even though it would take another war to end slavery in the United States.

Between 1819 and 1845, as veterans of the Revolutionary War were filing applications to receive pensions for their service, the government was surprised to learn that many of the soldiers were not men, but boys, many of whom were under the age of sixteen, and some even as young as nine. In Boy Soldiers of the American Revolution, Caroline Cox reconstructs the lives and stories of this young subset of early American soldiers, focusing on how these boys came to join the army and what they actually did in service. Giving us a rich and unique glimpse into colonial childhood, Cox traces the evolution of youth in American culture in the late eighteenth century, as the accepted age for children to participate meaningfully in society--not only in the military--was rising dramatically. Drawing creatively on sources, such as diaries, letters, and memoirs, Caroline Cox offers a vivid account of what life was like for these boys both on and off the battlefield, telling the story of a generation of soldiers caught between old and new notions of boyhood.

From the Wharton School, offering a comprehensive assessment of the political and financial dimensions of public-sector pensions from the colonial period until the emergence of modern retirement plans in the twentieth century.

Many people need help planning for retirement, saving, investing, and decumulating their assets, yet financial advice is often complex, potentially conflicted, and expensive. The advent of computerized financial advice offers huge promise to make accessible a more coherent approach to financial management, one that takes into account not only clients' financial assets but also human capital, home values, and retirement pensions. Robo-advisors, or automated on-line services that use computer algorithms to provide financial advice and manage customers' investment portfolios, have the potential to transform retirement systems and peoples' approach to retirement planning. This volume offers cutting-edge research and recommendations regarding the impact of financial technology, or FinTech, to disrupt retirement planning and retirement system design.