This book argues that the implementation of compulsory, highly
regulated, privately administered, defined contribution pensions
facilitates rent-seeking behaviour on the part of the pension fund
administrators and undermines the retirees' income and well-being.
While the book focuses primarily on Chile, its analysis and
conclusions are applicable to several Latin American and Eastern
European countries where privately administered pension systems
have been implemented. Chapters evaluate the scholarly literature
and empirical evidence around three aspects of the pension fund
industry: structure, pricing and performance. The authors conclude
that state regulation has facilitated the accumulation of capital
in the hands of the pension fund administrators. They also
demonstrate that these systems owe more to the values and
principles of conservative philosophy than to neoliberalism in
providing alternative solutions to the rent-seeking approach to
retirement.
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