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Written by John Willman, Stephen Pollard, Bernard Jenkin MP, Dr Madsen Pirie, Dr Eammon Butler & Dr Jose Pinera   
Tuesday, 26 November 1996

Policy experts from both left and right agree that the welfare state cannot survive without a radical set of reforms. The new fortune Account would provide for retirement savings and lifetime insurance against unemployment and other risks. Positive incentives would reduce fraud, while the extra investment could produce an additional 3% rise in economic growth as experienced in Chile.

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The Adam Smith Institute is the UK's leading innovator of free-market economic and social policies. Politically independent and non-profit, the Institute promotes its ideas through reports, briefings, events, media appearances, and its website and blog. For further information, click here.

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