Pension reform in Uruguay, Argentina, and Chile

Juan Cruz Ferre

Chapter 5 in The Political Economy of Welfare in Latin America, 2026, pp 131-172 from Edward Elgar Publishing

Abstract: This chapter offers a comparative analysis of pension reforms in Uruguay, Argentina, and Chile. The crisis of legitimacy that took place in Argentina at the beginning of the period was crucial in setting the stage for the only progressive structural pension reform in this study: the nationalization of private pensions. Other factors that influenced this reform were the ruling coalition's need for immediate funds and the imperative to win back support amidst declining popularity. The Uruguayan government did not stop the growth of private pension funds, ostensibly yielding to market pressures, but it did respond swiftly to a minor revolt in the late 2010s. In Chile, a political regime characterized by stability and a relation of forces strongly in favor of the capitalist class heavily conditioned social policy outcomes: Chile's pension reform was thoroughly shaped by business interests.

Keywords: Uruguay; Argentina; Chile; Pension reform; Crisis of legitimacy; Business power (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035371334
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