Americans enjoy a form of pension fund socialism

Janan Ganesh rightly says that the US has become a social democratic country (“Popularity of Biden’s stimulus reveals a changed US”, Opinion, March 3). But it has been a social democratic country long before the issue mesmerised millennials. Ever since the antebellum period and Werner Sombart’s Why is there No Socialism in the United States? (1906), pension fund socialism has given Americans a large stake in equity capital and control of the largest US corporations.

You can read my full article in the Financial Times: https://www.ft.com/content/0e7cff1f-992f-4128-b369-344901545e45