Poder empresarial en el Chile posautoritario: Explicando la continuidad regulatoria en el sistema de pensiones, 1990-1994

It is hardly controversial to contend that economic elites wield a disproportionate political influence in Latin America. In this context, one critical area which we require a better understanding of is the influence of business on the development of social policies. Chile offers a fascinating puzzle in this regard: why did a centre-left coalition, elected on a platform of “creating a social security system with more elements of solidarity” end up passing reforms that consolidated the private, individually managed pension scheme imposed by the military regime (1973-1990)? This paper attempts to shed light on this question, focusing on the debate around the old-age pension system during the first Concertación government, the Aylwin Administration (1990-1994). The analysis is based on process-tracing. Primary sources for the analysis include interviews with key informants, and congressional and press records. In summary, this work shows that despite the new democratic setting, the Chilean economic elite continued to control the policy process by means of multiple mechanisms.