{"product_id":"the-unseen-revolution-how-pension-fund-socialism-came-to-america-9780060110970","title":"The Unseen Revolution: How Pension Fund Socialism Came to America","description":"\u003cdiv class=\"book-description\"\u003e\n\u003cp\u003e\u003cstrong\u003eThe Unseen Revolution: How Pension Fund Socialism Came to America\u003c\/strong\u003e by Drucker, Peter Ferdinand. hardcover edition. ISBN: 9780060110970.\u003c\/p\u003e\n\u003cp\u003eIn 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.\u003c\/p\u003e\n\u003cp\u003eBy 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 \u0026amp; Jenrette) became the most successful, and one of the biggest, Wall Street firms.\u003c\/p\u003e\n\u003cp\u003e.\u003c\/p\u003e\n\u003cp\u003eDrucker'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.\u003c\/p\u003e\n\u003cp\u003eAmong 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.\u003c\/p\u003e\n\u003cp\u003eWhile 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.\u003c\/p\u003e\n\u003c\/div\u003e","brand":"HarperCollins","offers":[{"title":"Default Title","offer_id":44949837611061,"sku":"ByrdShop_006011097X","price":27.66,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0627\/8139\/0901\/files\/9780060110970_5c6f5b75-29e2-42a1-b6f8-ddeb26c15cc5_43e06138-03b4-415d-9dd0-1c3e1bba6bea.jpg?v=1792942405","url":"https:\/\/atxbooks.com\/products\/the-unseen-revolution-how-pension-fund-socialism-came-to-america-9780060110970","provider":"ATX Books","version":"1.0","type":"link"}