Tag: Private

TED Goes to School

In this new TEDx video, University of Newcastle (England) lecturer Pauline Dixon takes viewers on a tour of schools serving some of the poorest people on Earth. Private schools … that charge fees … that are paid for by the poor parents themselves … and that outperform local government schools spending far more per pupil. I know. You’ll just have to watch it.

If your curiosity is piqued afterwards, check out her colleague James Tooley’s wonderful book, The Beautiful Tree, which tells the story of their travels and research. It will blow your mind.

Thirty Years of Private Social Security in Chile

The big international story that broke on Sunday understandably was the death of Osama Bin Laden. But another big story was that May 1 also marked the thirtieth anniversary of the introduction of Chile’s successful private pension system. Implemented by José Piñera (now a Distinguished Senior Fellow at Cato) to replace unsustainable public pensions, private retirement accounts have averaged real annual rates of return of more than 9 percent, contributed to economic growth and the rise in savings, and helped turn working Chileans into capitalists. They’ve been a key to Chile’s economic progress and political maturity. The reform has been copied in part or in full by some 30 countries around the world. And contrary to what American critics on the left claimed at the time, private pensions weathered the global financial storm admirably. It’s only a matter of time before the United States and other rich nations begin addressing the crisis in public pensions in the same way. But the sooner the better. See this piece from Investor’s Business Daily on Chile’s system at 30.