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References
International Labour Organization, Social Security (Minimum Standards) Convention-C102 (ILO, 1952).
International Labour Organization, Social Security: A New Consensus (ILO, 2001).
“Partisan Social Security claims questioned”, (27 February 2005) Washington Post.
George W. Bush, Strengthening Social Security for the 21stCentury (Washington, February 2005).
‘Delay to Social Security reform’, (15 July 2005) Financial Times.
“Whatever happened to reform?”, (31 January 2006) San Francisco Chronicle.
Some may be surprised to find the International Monetary Fund among those expressing warnings about the fiscal implications of the Bush plan: ‘The Administration proposal to permit younger workers to divert a portion of their Social Security contributions into personal retirement accounts... would also imply a significant increase in federal deficits and debt in coming decades...’ (International Monetary Fund, 2005 Article IV Consultation with the United States of America: Concluding Statement of the IMF Mission (International Monetary Fund, May 2005) at 6).
AFL-CIO Center for Working Capital, The Negative Impact of Social Security Privatization on Defined Benefit Pension Funds (Washington, March 2005).
See for example the opinion articles of seven Social Security experts published under the heading ‘A new act for Social Security’ (23 January 2005) Washington Post.
‘Whichever way we go, some get left behind’, (13 March 2005) Washington Post.
‘Unions muffle Wall Street support of private accounts’, (8 March 2005) Washington Post.
‘Why personal accounts are a real benefit’ (23 January 2005) Washington Post.
‘A bit of social engineering in disguise’ (23 January 2005) Washington Post.
Ibid.
World Bank, Averting the Old-Age Crisis: Policies to Protect the Old and Promote Growth (Oxford University Press, 1994).
Ibid.
ICFTU, TUAC & ITS, Statement by the ICFTU, TUAC and the ITS to the Spring 2001 Meetings of the IMF and World Bank (Washington, April 2001).
Indermit S. Gill, Truman Packard and Juan Yermo, Keeping the Promise of Social Security in Latin America (World Bank, November 2003).
Ibid., at 69 & 6.
Ibid., at 111.
Ibid., at 71.
Ibid., at 67.
Ibid., at 212–213.
‘Chile’s retirees find shortfall in private plan’, (27 January 2005) New York Times.
Indermit S. Gill, Truman Packard and Juan Yermo, supra note 17, at 42.
Robert Holzmann and Richard Hinz, Old-Age Income Support in the Twenty-First Century: An International Perspective on Pension Systems and Reform (World Bank, 2005).
Ibid., at 201.
Ibid.
Ibid., at 29.
Ibid., at 15.
Ibid., at 77.
Ibid.
Interview with World Bank country team, Sofia, 20 October 2004.
Ibid., at 66.
See, for example, World Bank, Country Assistance Strategy for Serbia and Montenegro (World Bank, November 2004) at 14.
Independent Evaluation Group-World Bank, Pension Reforms and the Development of Pension Systems: An Evaluation of World Bank Assistance (Washington, 2006) at 12–13 & 23–24.
Ibid., at 12.
We noted above that the World Bank’s study Keeping the Promise of Old Age Income Security in Latin America does not fully share this positive assessment. The Bank’s IEG went even further in expressing doubt about the positive impact of pension privatisation and concluded that ‘most capital markets have not developed significantly as a result of multi-pillar pension reform...’ (Independent Evaluation Group-World Bank, Pension Reforms and the Development of Pension Systems: An Evaluation of World Bank Assistance (Washington, 2006) at 36).
IMF and World Bank, Nicaragua: Joint Staff Assessment of the Poverty Reduction Strategy Paper, Second Progress Report (Washington, January 2004) at 11.
The most important difference is that the World Bank’s model entails putting part of contributions into mandatory private accounts, while the Bush plan would make private accounts voluntary, at least for now. However the World Bank sees an identity in the approach. When the Bank officially launched Old-Age Income Support in the Twenty-First Century, the first line of the Bank’s communiqué declared that the new policy was addressed, among others, to ‘policy makers in the United States... [who] grapple with the long-term affordability of their pensions systems’ (World Bank News Release No. 2005/456/HD, 24 May 2005).
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Bakvis, P. (2007). Social Security Systems and the Neo-Liberal Challenge. In: Riedel, E. (eds) Social Security as a Human Right. Veröffentlichungen des Instituts für Deutsches, Europäisches und Internationales Medizinrecht, Gesundheitsrecht und Bioethik der Universitäten Heidelberg und Mannheim, vol 26. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-540-31469-1_10
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