In post-1990s pension reforms across Latin America, governments expanded capital ownership for millions of citizens.

New Capital Owners & Political Perceptions

This transformation created a novel dynamic: ordinary people now had direct stakes in financial markets previously untapped.

The study uses survey data from multiple Latin American countries to test if these new owners developed preferences aligned with neoliberal ideology. Contrary to expectations, low pension returns actually strengthened anti-neoliberal views among citizens who gained capital ownership.