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From Bismarck to Friedman

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  • Kristian Niemietz

Abstract

Chile provides the most frequently quoted example of a change from an established state PAYGO pension system to a privately funded scheme based on personal savings. Most of the key results have been impressive and a lot of the often‐heard criticisms of funded schemes have been disproved. A number of shortcomings remain. These shortcomings are seldom caused by features inherent to funded schemes, but rather by elements specific to the Chilean arrangement which could be altered given the political will.

Suggested Citation

  • Kristian Niemietz, 2007. "From Bismarck to Friedman," Economic Affairs, Wiley Blackwell, vol. 27(2), pages 83-87, June.
    • Handle: RePEc:bla:ecaffa:v:27:y:2007:i:2:p:83-87
    DOI: 10.1111/j.1468-0270.2007.00737.x
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    References listed on IDEAS

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    1. Homburg, Stefan, 1988. "Theorie der Alterssicherung: Kapitel 1. Einleitung," EconStor Books, ZBW - Leibniz Information Centre for Economics, number 92902, December.
    2. Brigitte C. Madrian & Dennis F. Shea, 2001. "The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 116(4), pages 1149-1187.
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    Cited by:

    1. Philip Booth & Nick Silver, 2008. "Editorial: New Perspectives On The Economics And Politics Of Ageing," Economic Affairs, Wiley Blackwell, vol. 28(1), pages 2-3, March.

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