The paper discusses the idea of socialized market, developed among others by Karl Polanyi and German ordoliberalism and institutionalized in the framework of the welfare state. The idea is eroding since labour interests, backed by the capitalist state have come under pressure of global business. Under globalized competition the welfare state seems to submit the idea of socialized market on behalf of the idea of free market. The European Union which is an association of national welfare states, paradoxically, seems to follow the economic liberalism (neoliberalism). Poland in spite of constitutional declaration on behalf of social market economy actually seems to undertake the UE drift. A study of pension funds has been undertaken in order to illustrate the trend observed, namely the shrinking of socialized sphere on behalf of the expansion of private global interests. The study refers to operations of so called 'second pillar' of the pension system in Poland.