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In this book, Drucker describes how institutional investors, especially pension funds, have become the controlling owners of America’s large companies, and the country’s “capitalists.” He explores how ownership has become highly concentrated in the hands of large institutional investors, and that through the pension funds, “ownership of the means of production” has become “socialized” without becoming “nationalized.” Another theme of this book is the aging of America. Drucker points to the new challenges this trend will pose with respect to health care, pensions, and social security’s place in the American economy and society; and how, altogether, American politics would increasingly become dominated by middle-class issues and with the values of elderly people. In the new epilogue, Drucker discusses how the increasing dominance of pension funds represents one of the most startling power shifts in economic history, and examines their present-day impact.
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