ظهور و سقوط سیستم بازنشستگی خصوصی در شیلی: یک دیدگاه بین‌المللی

‘The Rise and Fall of the Privatized Pension System in Chile’ focuses on the Chilean experience with a privatised pension system since the early 1980 when launched by the Pinochet regime. It explores economic, financial and political economy dimensions of a private pension system based on individual savings capacity implemented in a highly unequal country. The book also highlights the role played by the pension system as a mechanism of savings redistribution from wage earners and the self-employed to the funding of big corporations at home and abroad, in a process intermediated by profit-making pension fund management companies. The book compares the resilience of Chile’s private pension system with the reversals of the privatised pension system in recent years in countries of Latin America and Central-Eastern Europe. It outlines a program of structural pension reform towards a more progressive, public-based system. Cover 1 Front Matter 3 Half-title 3 Title page 5 Copyright information 6 Tables of Contents 7 Acknowledgments 9 Chapters 1-6 11 Chapter 1 Introduction 11 The Chilean Experience 12 The Structure of the Privatized Chilean Pension System 16 The Battle for Pension Reform and the Blocking of Change 19 Partial Reforms 20 Organization of the Book 21 Chapter 2 An Overview of Social Security: Purposes, Modalities and Historical Evolution 23 2.1 Purposes and Modalities 23 2.1.1 Pension systems as a social contract: The pay-as-you-go modality 26 2.1.2 Demographic challenges 27 2.1.3 Defined contributions and defined benefits 28 2.1.4 Wage-labor, the self-employed and social security 29 2.1.5 Volatility in financial markets 30 2.2 Historical Origins of Social Security and Pension Systems 31 2.2.1 Core Capitalist economies 31 2.2.2 Containment of social security benefits in the 1980s 34 2.2.3 Further cuts in pension benefits during the 1990s and 2000s 35 2.3 Brief Historical Background of Social Security in Latin America 39 Chapter 3 The Rise and Fall of Pension Privatization in Latin America and Central and Eastern Europe 41 3.1 Introduction 41 3.2 Privatization within Worldwide Dominance of Public Pension Systems 42 3.3 The Cycle of Pension System Privatization and De-privatization 43 3.3.1 The privatization phase: Objectives, assumptions and reality 44 Overall Objectives 44 Underlying assumptions. 45 Neglected issues and critical points. 45 3.3.2 The de-privatization phase: Reversals 49 3.4 The Pension Privatization/De-privatization Cycle in Argentina (1994–2008), Hungary (1998–2011) and Poland (1999–2014) 49 3.4.1 The case of Argentina 50 3.4.2 The case of Hungary 52 3.4.3 The case of Poland 55 Nationalization of pillar II and other changes 58 3.4.4 Lessons of comparative international experience in de-privatization 58 Chapter 4 The Evolution of Social Protection and Pension Systems in Chile from the 19th Century until Its Privatization in the 1980s 61 4.1 Introduction 61 4.2 Development of Social Security and Labor Legislation from the 19th Century 62 4.2.1 The Rush of Labor Legislation in the 1920s 64 4.2.2 The Reforms of 1952–53 66 4.2.3 Reform Efforts by the Frei-Montalva and Allende Governments 67 4.3 The Pinochet Regime: From Eclectic Corporatism (Draft Pension Law of 1975) to a Privatized Pension System (DL 3,500 o 70 4.3.1 Corporatists and Neoliberals 71 4.4 The Military Entertains Doubts on the Privatization Scheme and Remain in Their Old State-Funded System 75 4.5 Concluding Remarks 77 Annex 78 Chapter 5 Empirical Elements for Evaluating the Privatized Chilean Pension System 87 5.1 Introduction 87 5.2 Average Old Age Pensions Paid by Private and Public Contributory Pillars 88 5.3 Frequency Distribution for Old age Pensions Paid by the AFP System 90 5.4 Pension Levels for Members of the Armed Forces and National Police 90 5.5 Incidence of Public Expenditure in the Pension System 92 International Perspective 95 5.6 Effects on Savings, Inequality and Level of Pensions 96 Profit Rates of the AFP system 97 5.7 How Pension Funds Are Invested? 98 5.8 Other Shortcomings 102 5.9 Political Economy and Forced Savings 103 Chapter 6 Synthesis and Conclusions: Reform Paralysis and the Road to De-privatization 107 6.1 Introduction 107 6.2 The 2008 Reforms under Bachelet I: Creation of a Basic Pension Pillar 108 6.3 Reform Proposals under Bachelet II and Piñera II 109 6.4 De-privatizing the Chilean Pension System 110 Contours of a New Pension System 111 Basic Solidarity Pillar 111 Public Pay-As-You-Go Pillar 112 Demonopolized and Voluntary Pillar of Individual Accounts 113 End Matter 115 References 115 Index 119 'The Rise and Fall of the Privatized Pension System in Chile' analyses the Chilean experience with a privatised pension system and examines its impact on pension levels for the ageing population, differences in benefits across different groups, impact on local capital markets, savings redistribution to big corporations and foreign countries, and high profit rates for pension fund managing companies.