![]() On the other hand, the country’s economic inequality is astonishing: 28.1 percent of the total income is concentrated among 1 percent of the population, making Chile one of the world’s most unequal nations. On the one hand, Chile’s economic growth has been exceptional: its GDP leaped from $14 billion in 1977 to $247 billion in 2017. The Chicago Boys’ legacy is a controversial issue in Chile. Their pro-business policies have had an overwhelming impact that can be seen today in nearly every area of social life: education, health care, the pension system, and more. Under Augusto Pinochet’s dictatorial regime in the 1970s and 80s, the Chicago Boys conducted the farthest-reaching economic revolution in the history of Chile. If you are in Chile, though, you will likely get a different knee-jerk reaction: Chicago? Sure, the Chicago Boys! The influence of a generation of economists trained at the University of Chicago under Milton Friedman and Arnold Harberger is so pervasive that not even Michael Jordan and the entire Bulls roster could eclipse them. When you say “Chicago” almost anywhere in the world, it could bring to mind any number of associations: Michael Jordan, the Cubs, Al Capone, Willis Tower. You can read all of the pieces in the series here. To try to address this deficiency, we decided to launch a Sunday column on ProMarket focusing on the historical dimension of economic ideas. How did a group of Chicago-trained economists manage to turn Chile into the cradle of neoliberalism? As the country aims to move away from their approach to economic policy, Chilean author and journalist Daniel Matamala discusses the controversial legacy of the Chicago Boys.Įditor’s note: The current debate in economics seems to lack a historical perspective.
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