Miracle of Chile

The "Miracle of Chile" is a phrase coined by Milton Friedman to describe the neoliberal, monetarist economic reforms implemented in Chile under General Augusto Pinochet. Friedman did not advise or personally support Pinochet, though he had given some lectures advocating monetarist economics to a private foundation in Chile. Friedman claimed that "The real miracle in Chile was not that those economic reforms worked so well, because that's what Adam Smith said they would do. Chile is by all odds the best economic success story in Latin America today. The real miracle is that a military junta was willing to let them do it." http://www.druglibrary.org/special/friedman/socialist.htm However, many critics disagree with Friedman's assessment, arguing that the Chilean economy went into serious decline between 1973 and 1983.

Related Topics:
Milton Friedman - Neoliberal - Monetarist - Economic - Chile - Augusto Pinochet - Adam Smith

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