ABSTRACT
Any shift in the center of demographic gravity changes society, its mood, its temper, its values, as well as its institutions and issues. The emergence of the pension fund is, after all, the American response to the demographic changes. The two together form the essence of pension fund socialism. American pension fund socialism explodes the old myth that "management"–or rather, modern organization–is the result of the "system". In its present-day form, one might call this the Marcuse myth. Pension fund socialism demands considerable attention to the area of industrial relations and to managing people at work. The emergence of pension fund socialism also puts into question the traditional role and function of the labor union. Pension fund socialism has created an entirely new form of "property", the pension claim. Further, pension fund socialism has created an entirely new form of "property", the pension claim.
