I just got back from a trip to Argentina, where Peronist President Cristina Kirchner announced a proposal to nationalize private pensions. This is theft on a grand scale—the assets are worth about $30 billion—at a time when government spending has skyrocketed and the possibility of yet another official default next year has increased. There is plenty to criticize about the populist regime’s latest moves, but in a 1973 speech, none other than Juan Perón emphatically condemns the nationalization of private pensions, calling it “theft” and referring to public pension systems as generally “inefficient” and “unsafe.” He describes a previous episode in Argentina when a government in need of money nationalized private pensions and depleted workers’ retirement funds, using them for other purposes. It was an “assault.” For those of you who understand Spanish, see the video that has caught Kirchner by surprise:
Featuring Holly Bell, Associate Professor (Business), University of Alaska Anchorage; and Hester Peirce, Senior Research Fellow, Mercatus Center; moderated by Louise C. Bennetts, Associate Director, Financial Regulation Studies, Cato Institute.
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In this issue of Regulation, Jonathan H. Adler and Nathaniel Stewart make the case for property-based fishery management, utilizing territorial or catch-share allocation among fishery participants. Also in this issue, Michael L. Wachter explores the relationship between the much-maligned National Labor Relations Act and the decline in union membership.
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