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Capitalization. The Chilean Model Conquers the World

November 2025

"A social foundation for liberal capitalism"

"I was deeply impressed by the way José Piñera conceived the privatization of pensions in both political and economic terms.

 

He did it by building a social foundation for liberal capitalism.

 

This turned out to be the most profound challenge to the Welfare State in a generation.” 

Niall Ferguson, historian, writer, and professor (The Ascent of Money: A Financial History of the World, 2008, p. 212)

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