From 1981 to 2014, thirty countries fully or partially privatized their social security public mandatory pensions (figure 1). Fourteen countries were in Latin America: Chile (first to privatize in 1981), Peru (1993), Argentina and Colombia (1994), Uruguay (1996), the Plurinational State of Bolivia, Mexico and the Bolivarian Republic of Venezuela (1997), El Salvador (1998), Nicaragua (2000), Costa Rica and Ecuador (2001), Dominican Republic (2003) and Panama (2008). Another fourteen countries in Eastern Europe and the former Soviet Union embarked on the experiment to privatize pensions: Hungary and Kazakhstan (1998), Croatia and Poland (1999), Latvia (2001), Bulgaria, Estonia and the Russian Federation (2002), Lithuania and Romania (2004), Slovakia (2005), Macedonia (2006), Czech Republic (2013) and Armenia (2014). 

Additionally, two countries privatized their public pension system in Africa, Nigeria (2004) and Ghana (2010). As of 2018, eighteen countries have re-reformed and reversed pension privatization fully or partially: the Bolivarian Republic of Venezuela (2000), Ecuador (2002), Nicaragua (2005), Bulgaria (2007), Argentina (2008), Slovakia (2008), Estonia, Latvia and Lithuania (2009), the Plurinational State of Bolivia (2009), Hungary (2010), Croatia and Macedonia (2011), Poland (2011), the Russian Federation (2012), Kazakhstan (2013), the Czech Republic (2016) and Romania (2017) (Figure 1). The large majority of countries turned away from privatization after the 2008 global financial crisis, when the drawbacks of the private system became evident and had to be redressed. With the majority of countries having reversed privatization, and with the accumulated evidence of negative social and economic impacts, it can be affirmed that the privatization experiment has failed. 





Source:@USP2030