When Labour and Capital Collude: The Varieties of Welfare Capitalism and Early Retirement in Europe, Japan and the USA. CES Germany & Europe Working Papers, No. 00.4, 2000

The institutionalisation of early retirement has become a universal feature of postwar industrial economies, though there are significant cross-national variations. This paper studies the impact of different types of welfare regimes, production systems and labour relations on early exit from work. After an analysis of the main trends, the paper discusses the costs and benefits of early retirement for the various actors — labour, capital and the state — at different levels. The paper outlines both the "pull” and "push” factors of early exit. It first compares the distinct welfare state regimes and private occupational pensions in their impact on early retirement. Then it looks at the labour-shedding strategies inherent to particular employment regimes, production systems and financial governance structures. Finally, the impact of particular industrial relations systems, and especially the role of unions is discussed. The paper finds intricate "institutional complementarities” between particular welfare states, production regimes and industrial relations systems, and these structure the incentives under which actors make decisions on work and retirement. The paper argues that the "collusion” between capital, labour and the state in pursuing early retirement is not merely following a labour-shedding strategy to ease mass unemployment, but also caused by the need for economic restructuration, the downsizing pressures from financial markets, the maintenance of peaceful labour relations, and the consequences of a seniority employment system.

Saving the Banks: The Political Economy of Bailouts. CES Papers - Open Forum #8, 2012

How much leeway did governments have in designing bank bailouts and deciding on the height of intervention during the 2007-2009 financial crisis? This paper analyzes comparatively what explains government responses to banking crises. Why does the type of intervention during financial crises vary to such a great extent across countries? By analyzing the variety of bailouts in Europe and North America, we will show that the strategies governments use to cope with the instability of financial markets does not depend on economic conditions alone. Rather, they take root in the institutional and political setting of each country and vary in particular according to the different types of business-government relations banks were able to entertain with public decision-makers. Still, “crony capitalism” accounts overstate the role of bank lobbying. With four case studies of the Irish, Danish, British and French bank bailout, we show that countries with close one-on-one relationships between policy-makers and bank management tended to develop unbalanced bailout packages, while countries where banks have strong interbank ties and collective negotiation capacity were able to develop solutions with a greater burden sharing from private institutions.

Professor Fajans teaching last class before retirement May

[no students in photo]

Life-saving crew

description accompanying photograph: Life Saving Crew Father Marquette Statue J. M. Longyear Residence 1893 which was removed to Boston, Mass and reerected, each stone being marked and put in place again in Boston. Original cost of house and grounds said to have been $210000.00 Built of L. Superior Brown Stone. House of left is a rear view of Peter Whites Residence. Longyear House removed a few years after constructed.

Cazzie Russell, jersey retirement ceremony

[Ceremony at Crisler Arena, half-time of U-M vs Duke basketball game.]

Early retirement provisions of pension plans, 1971 /

Cover title.

Private pensions : millions of workers lose Federal benefit protection at retirement : report to the chairman, Committee on Banking, Housing, and Urban Affairs, U.S. Senate /

"GAO/HRD-91-79."

Significant financial aspects of the Railroad Retirement Board.

Mode of access: Internet.

Retirement and survivor benefits for reservists : Military Compensation Subcommittee deliberation and full committee consideration of H. R.10340 (H.R. 11823) and H. R. 10348 (H.R. 11797) /

Mode of access: Internet.

Preliminary review of military retirement systems : hearings before the Military Compensation Subcommittee of the Committee on Armed Services, House of Representatives, Ninety-fifth Congress, first and second sessions ...

Mode of access: Internet.