In 1993, Argentina’s pension scheme was privatized. The consequences were catastrophic. The country experienced old-age poverty, social division, and high private and public debts. Therefore, Argentina decided to renationalize pension insurance in 2008. However, MetLife believes it is disadvantaged and demands compensation for its alleged lost profit.
But privatizing human rights is problematic because it outsources states’ obligation to protect their citizens to companies driven by profit demands. For example, the ICSID has already dealt with several cases of renationalizing water supplies after private schemes could not guarantee access to water for all. Regarding the right to social security, the United Nations highlighted that states have a fundamental responsibility to ensure that private actors do not jeopardize access to social security.