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Privatizing Pension Systems as the End of a Vicious Taboo of the Almighty State

  • Octavian-Dragomir Jora


    (Academy of Economic Studies, Bucharest, Romania)

At the beginning of the 80’s one South American dictator had discovered economic freedom, while Europe’s democracies were refining the Bismarckian objective of intergeneration dependency. Enlightened by the economist José Piñera, an unknown figure at the time, he had realized that pensions were supposed to be responsible savings and not a discretionary right against society. Augusto Pinochet would terminate the public pension system in Chile and he would also determine the governments of the “free world” to enter serious debates. Today, more and more reports warn that Europe’s population is ageing and shrinking. The sustainability of public pension systems is becoming more vulnerable by the year. The EU already sees dark clouds approaching public finance. The solutions circulated – e.g. facilitating immigration in order to restore the balance of the labour market or parametric reform of the existing pension systems – do not tackle, though, with programmatic errors of such a mechanism in which, invariably, the guilty are always the people that do not grow old by bureaucrats calculus.

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Article provided by Department of International Business and Economics from the Academy of Economic Studies Bucharest in its journal Romanian Economic Journal.

Volume (Year): 10 (2007)
Issue (Month): 25bis (November)
Pages: 251-268

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Handle: RePEc:rej:journl:v:10:y:2007:i:25bis:p:251-268
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  1. repec:cto:journl:v:24:y:2004:i:1-2:p:45-50 is not listed on IDEAS
  2. Jos? Pi?era, 1996. "Empowering Workers: The Privatization of Social Security in Chile," Cato Journal, Cato Journal, Cato Institute, vol. 15(2-3), pages 155-166, Fall/Wint.
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