Milton Friedman described the economic reform of Chile under Augusto Pinochet (1973-1983) as ‘The Miracle of Chile’. Inspired by Milton Friedman and other free market economist, Pinochet established an era of economic deregulation and privatization by abolishing taxes, privatizing the pension system, state industries and banks and other measures.
Supporters of Friedman’s theory argue that the economic development in Chile is a prove of the rightness of the theory of Milton Friedman, because Chile is economically stronger and more advanced than the other Latin American countries.
Critics use the term ‘The Miracle of Chile’ in a sarcastic way, pointing out that the miracle started a dictatorship that would be responsible for a lot of Human Rights crimes, including the political murder on a couple of thousands Chileans.
Sanne Tuybens
source: http://www.economicexpert.com/
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