El sistema pensional colombiano a la luz del concepto de financiarización.

This paper deals with financialization, a concept that critically describes the rise and expansion of financial capital in the economy and its social and political implications. Seen from the perspective of financialization, the Colombian pension system of Law 100 of 1993 (Congress of the Republic of Colombia, 1993) illustrates the expansion of financial capital in emerging or peripheral economies, highlighting the inferior and subordinate status of these countries with respect to the more developed economies. In these countries, the adoption of private pension funds goes hand in hand with financial liberalization and the search to expand their capital markets. Moreover, pension systems have never been far removed from economic structures; they have been created and developed within them. In Colombia, as a country whose industry did not fully awaken, the necessary conditions for the most guaranteeing pension models could not be met. Although the current Colombian model is not purely controlled by private funds, the link between these funds and the financial players is so strong that there is still unresolved tension around the complete privatization of the system. In addition, the institutional formula through which it is evident that this is a financialized system is the so-called multi-fund pension scheme. Thus, under the magnifying glass of the financialization that has governed the current pension system and its most recent changes, we can also read the announcements and reform proposals put forward by the government, unions and think tanks at the end of neoliberalism. [ABSTRACT FROM AUTHOR]