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Zwan, Natascha van der

Zwan, Natascha van der


Invested Interests: A Political Economy of Welfare and Finance in the Dutch Pension System

How has the simultaneous development of financial markets and the welfare state influenced the political choices made by state, business and labor unions with regard to the Dutch pension system?

Project Description

The Dutch welfare state emerged historically at the same time as financial markets were developed. This connection exists most strongly in the area of private pensions, where social benefits are paid for through investments in financial markets. Still, the relationship between the two developments has not often been researched. This project asks how state, business and labor organizations used financial markets to pursue their pension policy goals and to what extent financial considerations informed the choices they made for the emergent pension system. The study investigates five historical episodes that broadly cover the history of the Dutch pension system from the early 20th century until today. Comparisons with Germany and the United States are made to better understand the uniqueness of the Dutch pension system.

Selected Publications

Natascha van der Zwan 2016, “Het Pensioenmirakel Ontleed. Functionaliteit en Legitimiteit in het Nederlandse Pensioenstelsel,” in Maarten Keune (ed.), Nog Steeds een Mirakel? De Legitimiteit van het Poldermodel in de Eenentwintigste Eeuw, Amsterdam: Amsterdam University Press;

Natascha van der Zwan en Sijbren Kuiper 2016, Nederland Pensioenland. Wat Je Wilt Weten Over Pensioen, Amsterdam: Amsterdam University Press.

Michael McCarthy, Ville-Pekka Sorsa, Natascha van der Zwan 2016, “Investment Preferences and Patient Capital: Financing, Governance and Regulation in Pension Fund Capitalism,” Socio-Economic Review, Vol. 14, No. 4: 751-769.


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