Koncepcja Społecznej Gospodarki Rynkowej i kapitałowe programy zabezpieczeń emerytalnych

Social Market Economy (SME) is by no means a clear concept. The original proposal here indicates to two SME’s fundamental attributes: (i) material wellbeing due to competition in the market (ii) social peace thanks to social dialog and to social security. These basic objectives are considered while analyzing an institutional innovation, which is developing in the EU‑countries, Germany and Poland included, that is the capital‑based pension programmes. Investigation of Polish evidence leads to two conclusions. First, introducing capital‑based pension programmes into the system is no solution to the social question. Thus, funded pensions appear to be a breaking out of SME. As a matter of fact, pension funds make sense in economic terms, since they contribute to turnover in financial assets and increase range of both investing and earning opportunities for the agents engaged in cross‑border financial‑markets activities. This could mean, and this is the second conclusion, that introducing capital‑based pension programmes is along lines of economic freedom and competitive markets. However, in SME the free‑competition principle is to be applied commonly to all activities whereas introducing pension funds leads to market segmentation, once freedom in investing is contained to group interests, engaged in pension‑managing companies and subject to specific rules of conduct.