The Rise and Fall of the Privatized Pension System in Chile

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The Rise and Fall of the Privatized Pension System in Chile' presents the rationale for the existence of social security systems and provides a historical discussion of its origins and evolution before turning to the four-decade-old Chilean experience with a privatised pension system. This experience is examined in historical and comparative perspective from the twentieth century up to the present. The book presents various hypotheses on the resilience of the privatised system in spite of the low level of pensions delivered to the population at large, underscoring the ability of the powerful fund managing companies lobby to veto reform proposals geared towards a return to a public-private system. The book also underscores the fiscal costs of the system, the high earnings of private pension managing companies and the macroeconomic role of the system in providing financial resources for investment and growth in a pattern driven by the large corporate sector. The book discusses the experience of Chile as a counter-current to the reversal of pension privatisation in Latin America and Central-Eastern Europe as also the scope for de-privatisation of social security in the country.