Los Pensioners to the market. A theoretical genealogy of the neoliberal pension reform proposal between the 50s and the 70s and its arrival in Argentina
Abstract
This paper proposes a theoretical path through the neoclassical approaches to pension systems since the late 50s to the late 70s. What follows is a discussion of the problems of PAYG systems and what emerges as response is the replacement thereof by funded ones.
We begin with Paul Samuelson’s controversy, continue with specific proposals for the American case by Milton Friedman and James Buchanan, introduce the theoretical framework of the life-cycle hypothesis, with Franco Modigliani its main reference, and include the greatest exponent of neoliberal arguments about pension reform: Martin Feldstein. Finally, we include the first approach to this problem from Argentina, by Roque Fernández, framed in the pension reform proposal of the last military dictatorship.
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