This Thursday, I will be presenting new research in the seminar series of the Netherlands Institute of Advanced Studies.
My paper presents a historical case study of the investment politics of Dutch pension fund for public employees, ABP (Algemeen Burgerlijk Pensioenfonds). Combining both quantitative and qualitative analysis, the research maps the financial flows between ABP and the broader political economy before and after WW2, while at the same time shedding light on the political considerations that informed the fund’s investment policies. I show how over time ABP’s investment politics became increasingly caught between the political interests of the state on the one hand and the dictates of dominant financial theories on the other hand.
The history of the ABP is indicative of the centrality of pension funds to the Dutch political economy. Contrary to traditional bank-based or stock-market based systems, the presence of these large funds have allowed the Netherlands to combine a generous welfare state with high financial development. Still, as the case study shows, the ongoing financialization of the welfare state has coincided with a depoliticization of pension investment. The result is a loss of public control over the flows of capital that emanate from the Dutch pension funds on the one hand and growing instability within the private pension system on the other hand.
This is unpublished work. Please e-mail, if interested in the paper.
Source: H.W. Groeneveld, “De kosten onzer sociale verzekering,” De Werkgever, February 1925, p.37.
I am very pleased to announce that I have been awarded an Instituut Gak Fellowship at the Netherlands Institute for Advanced Studies in the Humanities and Social Sciences. I will be joining the NIAS in Amsterdam from early September 2018 until the end of January 2019. While at NIAS, I will be completing my book manuscript on the financialization of the Dutch pension system.
From my proposal: The project is a historical political economy of the Dutch pension system that investigates how the mutually constitutive relationship between the welfare state and the financial system shaped its development. Despite the international prominence of this case in academic scholarship and policy circles, a historical account of the Dutch pension system that integrates the study of social and financial policy has not yet been written. Five case studies of selected historical episodes from the early 20th century to the current period show how state, business and labor actors sometimes opposed, sometimes advanced financial development in order to achieve their social policy goals. This historical account of the Dutch pension system advances theoretical understandings of financialization in relation to the welfare state. The United States and Germany serve as shadow cases. Evidence is collected from national and international historical archives. The fellowship period would be used for the final write-up of the manuscript.