The growth in the number of elderly people throughout the world is beginning to have a major social and economic impact. Deep-seated demographic change is driving the large scale restructuring of many state pension systems. The way in which this restructuring is being carried out is contributing to the internationalisation of capital markets and economies. Furthermore the rapid development of funded pension schemes is creating a new, large class of rentierr retirees." While these changes pose new political difficulties for organized labor and the left, they also offer new opportunities to extend progressive, popular control over corporations and the direction of investment.
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