The only thing that introduces a change here is if you can call on "work" from elsewhere. The argument for market based pensions is that they can invest in more dynamic countries elsewhere and thus 'import" the wealth back home instead of only relying on the locals' work.

The problem with that approach always seems to be that the process of calling on "work" from elsewhere so often seems to result in the direction of the benefits from that work flowing to those who controlled the flow of money and products and the costs to those who previously provided the labor, the end result of which tends towards undermining sound finance in the country employing the strategy. As DeAnander noted in another thread, when this result is the reliable outcome of that policy, then, from game theory, we should assume that it was the goal of the policy -- in part, if not in whole.

"It is not necessary to have hope in order to persevere."