Despite all the obstacles, the private system managed to deliver real returns of 10% as an annualised average between September 1994 and June 2007. During the crisis of 2001 and in its aftermath, the private system struggled but it still proved to be more resilient than the public one. What is more, it gave workers a stake in the economy, and a range of choice that would have been inconceivable before. Once given the choice, most workers preferred individual accounts over reliance on the government’s promises. Membership in the private system grew steadily while the ranks of the PAYGO system shrank.
A ler: Ideias de liberdade à esquerda aqui n’O Insurgente, Os Fundos privados de Pensões e Argentina nacionaliza fundos de pensões para escapar à falência por João Miranda
Twilight Zone: Novos Tempos por DOh!