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In 1981 Chile began a wave of privatization and market-friendly reforms of social security systems in Latin America; Argentina did the same in 1993. In 2008, Chile and Argentina reformed their pension systems again. Chile maintains the private capitalization system complemented with a basic pension and solidarity payments while Argentina eliminated the capitalization pillar and replaced it by a single integrated delivery system publicly administered. This paper analyzes the policy reforms of pension systems as a result of the comparison between countries, as well as between market and state led reforms and state led reforms: Chile (1981 and 2008) and Argentina (1993 and 2008). [ABSTRACT FROM AUTHOR]