In speeches given to rapt audiences over the decades, Cato Institute distinguished senior fellow Jose Pinera has talked about the exciting implications of his time as Minister of Labor and Social Security in Chile. Pinera was the architect of the country’s transition to a private pension system, from which the country’s citizens emerged as owners of their private pension accounts.
Most uplifting in Pinera’s talks are his accounts of subsequent conversations with the country’s citizens. Not infrequently they’ll show him the booklets they proudly keep on their person, and that indicate their equity in Chile’s future, and for that matter, the world’s. To say that this ownership transformed the people is an understatement. The simple truth is that when you’re an equity participant in the private economy, your views about economic policy evolve in a positive way.
Read Full Article »
