The World Bank,Pensions,and Income (In)Security in the Global South

Abstract

The authors describe and analyze recent reductions and reorganizations of public pension programs in Latin America, as well as trends in pensions in the global South more broadly. They consider the role of the World Bank in the current pension “reform” process and situate the Bank's policies in the context of privatization, reduction of social budgets, and other aspects of structural adjustment. Chilean pension changes are analyzed in particular, showing that even by the Bank's criteria, the reforms have not been successful. The authors then discuss pension changes in China, where the World Bank is also deeply involved. The article concludes with the consideration of a number of arguments about pensions and support mechanisms in later life—including family support and means-tested welfarism—and argues in favor of global policy approaches, such as globally funded pensions and full access by older persons to productive and remunerated labor.