Peter Drucker was right, as he repeatedly was, when he foresaw in 1976 the emergence of pension funds as the most powerful wielder of capital in the modern economy. In his unique way he gave the story a neat twist by arguing that pension funds would save capitalism. Workers, he predicted, would own the means of production — but not through the violent overthrow of capitalism in the way Marx had suggested. Rather they the ownership would come through the stocks held by their pension funds.

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