Pension Resistance in the Nineteenth Century

Moving from ancient times through the eighteenth century and towards the development of national pensions in Germany by Chancellor Bismarck, the chapter discusses some of the objections and the resistance to national pension schemes and large longevity risk pools. After reviewing the different types of pension arrangements, it discusses the historical concerns expressed by the industry in the late nineteenth century over the potential for crowding out of the private sector, and how this manifested itself in Germany, the UK, and the US, prior to the introduction of Social Security. Interestingly, numerous local religious organizations, clubs, and cooperatives were some of the most vociferant objectors to national schemes. It concludes by offering sources for additional reading and references.