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The Struggle For Education And The Neoliberal Reaction

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Chapter Summary

For more than two decades, the privatization of public social services in Chile has channeled benefits to the financial markets, private lenders and a grasping minority of higher income earners. The real pension crisis does not originate in the fact that Chileans are living longer lives, which is positive. More than a pension system, Pension Fund Administrators (AFPs) is running a forced savings system in order to supply big conglomerates with capital. The world economic crisis has once again made evident that on the long term, financial markets yields rarely surpass inflation. In 2006, early in her governmental period, President Bachelet established a Consulting Council on Social Security Reform. In September 2008, soon after the Reform was enacted and after the current global crisis had firmly settled in, a group of parliamentarians presented a law project intending to reduce pension fund vulnerabilities occasioned by the crisis.

Keywords:Chile; global crisis; pension fund administrators (AFPs); social security



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