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In the 1970s negative demographic and economic trends became a burden for fiscal systems of the “Golden age” welfare states. The neoliberal theory responded by cutting social rights, diminishing the scope of services provided by the state and strengthening the market. Values of uniformity and solidarity were replaced with efficiency and profit. Consequently, the sustainability of “pay-as-you-go” pension systems came into question. The measures towards capitalization and privatization differed. This arises both fro...