Argentina's experience demonstrates that even under very difficult economic circumstances, a nation can successfully convert from a pay-as-you-go social security system to a competitive private pension plan with individual retirement accounts.
CHICAGO: Since 1989, Argentina has rapidly introduced revolutionary reforms that greatly reduced government regulations and controls. Privatization of its social security system is the most important step during the past couple of years -- I recently went there after a three year absence to speak to a conference on this program. Argentina's experience demonstrates that even under very difficult economic circumstances, a nation can successfully convert from a pay-as-you-go social security (PAYG) system to a competitive private pension plan with individual retirement accounts.
CHICAGO: Since 1989, Argentina has rapidly introduced revolutionary reforms that greatly reduced government regulations and controls. Privatization of its social security system is the most important step during the past couple of years -- I recently went there after a three year absence to speak to a conference on this program. Argentina's experience demonstrates that even under very difficult economic circumstances, a nation can successfully convert from a pay-as-you-go social security (PAYG) system to a competitive private pension plan with individual retirement accounts.