Remember how, during the Social Security debate, Chile’s retirement system was held up as an ideal — except it turned out that it actually yielded very poor results for many people, and the Chileans themselves hated it? Business groups are the predominant organizational structure in modern Chile. Could their program for 'economic freedom,' such a drastic restructuring of the Chilean economy, only have been implemented by an authoritarian regime? All contents © 2021 The Slate Group LLC. And you'll never see this message again. The term "Chicago Boys" has been used at least as early as the 1980s to describe Latin American economists who studied or identified with the libertarian economic theories then taught at the University of Chicago, even though some of them earned degrees at Harvard or MIT (see below). The rights and benefits of Chilean workers are few and most of the time not respected by employers.” Fifty percent of Chileans have a monthly salary under $445 dollars, while the top 0.1 percent receive almost $900,000. The Chicago Boys, recruited by conservative religious leaders who lent ideological support to the dictatorship, were welcomed to Santiago. Around 25 Chilean students came to Chicago between 1956 and 1961. The "Chicago Boys" — Chilean men who studied free-market economic theories at the University of Chicago in the 1950s and '60s — are often credited for Chile's relatively healthy economy. asks Fuentes. 2020 Documental sobre los 'Chicago Boys' … Led by Milton Friedman, the Chicago University team generated what was described as an economic miracle that made Chile … There is now a Chilean film titled Chicago Boys.[9][10]. To Carola Fuentes, Chile was the first (and most radical) experiment in what we call now neoliberalism: “We helped to shape the economy of other countries. Kathy mentions this article that Becker wrote in 1997 about the Chicago Boys who worked with the Pinochet regime. Chicago Boys circa 1957, left to right: Luis Arturo Fuenzalida, Alberto Valdés, Larry Sjaastad, Pedro Jeftanovic, and Sergio de Castro. Milton Friedman and Rose D. Friedman. The following presents a short history of these contributions. The "Chicago Boys" -- Chilean men who studied free-market economic theories at the University of Chicago in the 1950s and '60s -- are often credited for Chile's relatively healthy economy. Back in Chile, the Chicago Boys hoped to implement some of what they had learned in America. “What was happening? By joining Slate Plus you support our work and get exclusive content. Deeply involved in the preparation of the 1975 military coup in Chile, the so-called Chicago Boys convinced the Junta generals that they were prepared to supplement the brutality, which the military possessed, with the intellectual assets it lacked. From almost the very start of its independence, Chilean exports have made important contributions to the economic development of the United States. In this context the project that would shape Chile’s subsequent history, the “Chile Project,” the cradle of the “Chicago Boys,” was born. SANTIAGO, CHILE -- In early 1984, the situation looked grim for the "Chicago Boys." CHICAGO BOYS is their story from their student days through the dictatorship, told by the Chicago Boys themselves. Could their program for 'economic freedom,' such a drastic restructuring of the Chilean economy, only have been implemented by an authoritarian regime? University of Chicago Press, 1998. p. 398. (In two-and-a-half months, it became the second-most-viewed documentary in the country last year.) Newsletter. No real surprise there. [1] While the Heritage Foundation credits them with transforming Chile into Latin America's best performing economy and one of the world's most business-friendly jurisdictions, critics point to drastic increases in unemployment that can be attributed to counter-inflation policies implemented on their advice. The Chicago Boys persuaded the junta that removing restrictions on the nation’s banks would free them to attract foreign capital to fund industrial expansion. Some analysts partially attribute the success to a group of economists from Chicago. As a number of people have pointed out, there’s this little matter of … And how do they see the long-term results today? [8] It was presented in 1969 as part of Jorge Alessandri's unsuccessful presidential candidacy. Donate. But while it came under heavy human rights criticism, Chile was the first country to apply Friedman’s economic principles, and, years later, the famous economist called this process, lead by his disciples, “the Miracle of Chile.” Friedman himself visited Chile and met with Pinochet in 1975, where he praised the economic measures taken by the Chicago Boys and Pinochet’s government. In Pinochet’s nearly 20 years in power, thousands of people were killed or “disappeared.”. And contrary to the generalized view, Friedman got more involved with Chilean affairs during his second visit. There, they became enthusiastic converts to Friedman’s free-market economic philosophies, which they were then given free rein to implement on an unprecedented scale during Augusto Pinochet’s dictatorship of Chile. This was looked upon as a minor miracle in Latin America. Even though the Chile Project ended, the training connection between Chile and the University of Chicago continues. Slate relies on advertising to support our journalism. Ah, Chile. The training program was the result of the "Chile Project" organized in the 1950s by the U.S. State Department, through the Point Four program, the first US program for international economic development. They recorded their everyday lives as normal students, long before they became the economic leaders of Chile’s military government. The book shows how the Chicago Boys promoteed a concept of ""economic liberty"" based on the individual's right to compete in free markets. Pinochet and Chile were heavily involved in Operation Condor, a ... who were known as “the Chicago Boys,” advocated lowering taxes, selling state-run businesses, and encouraging foreign investment. There Was A Clear Cultural Clash Between The Judge and The Defendants. They also proposed and implemented economic policies which initiated economic developoemt and growth. Este libro, Los economistas de Pinochet (FCE, 2020), cuenta una parte de la fascinante historia de la transformación de Chile como el relato del éxito económico de América Latina, un proceso que tomó casi dos décadas y un inmenso sufrimiento humano. The national copper company, Codelco, remained in state hands, pumping wealth into public coffers and preventing the Chicago Boys from tanking Chile's … And how do they see the long-term results today? The following presents a short history of these contributions. That makes Chile by far the freest economy in the region, even if it is not in the Top 10 globally. Technocrats and Politics in Chile: from the Chicago Boys to the CIEPLAN Monks @article{Silva1991TechnocratsAP, title={Technocrats and Politics in Chile: from the Chicago Boys to the CIEPLAN Monks}, author={P. Silva}, journal={Journal of Latin American Studies}, year={1991}, volume={23}, pages={385-410} } P. Silva; Published 1991; Political Science; Journal of Latin American … 1. With Sergio de Castro, Ernesto Fontaine, Ricardo French-Davis, Milton Friedman. Harberger, an American economist who taught at the University of Chicago from 1953 to 1991 alongside Milton Friedman, was a father figure to the “boys”—a group of Chilean economists who studied at the university in the 1950s. The Chilean state no longer builds housing for the poor, for instance, but it still offers financial aid or mortgage guarantees to truly needy citizens who aspire to … Before the Pinochet regime, Piñera recalls, only workers in government industries, public servants, and the military had pensions. Chile: The Pinochet Decadetells the story of the rise and fall of the laissez-faire economic technocrats known as the Chicago Boys, who masterminded the experiment and it analyzes the nature of their alliance with General Pinochet. A detailed inside look at the intellectual formation of the so-called "Chicago boys," the young economists trained at the University of Chicago who came to exercise a great influence during the Pinochet regime and, depending on the biases of the observer, are credited or blamed for Chile's economic miracle. Why were Chilean people unhappy? CHICAGO BOYS is their story from their student days through the dictatorship, told by the Chicago Boys themselves. Pinochet did not destroy Chile’s economy all alone. MH:That depends on how you choose to measure growth. The National copper company, Codelco, remained in state hands, pumping wealth into public coffers and preventing the Chicago Boys from tanking Chile's economy completely. It took nine years of hard work by the most brilliant minds in world academia, a gaggle of Milton Friedman’s trainees, the Chicago Boys. "Chicago Boys", los economistas que hicieron de Chile un bastión neoliberal EFE Santiago de Chile 20 mar. Chicago alum Sergio de Castro authored their final recommendation, which they delivered to Navy Admiral José Toribio Merino. As economic advisors, many of them reached high positions within those. The ideas they brought home from Chicago changed Chilean society forever and made it one of the richest countries in Latin America. These economists continued to shape the economies of their respective countries, and include people like Mexico's Sócrates Rizzo, Francisco Gil Díaz, Fernando Sanchez Ugarte, Carlos Isoard y Viesca, Argentina's Adolfo Diz, Roque Fernández, Carlos Alfredo Rodríguez, Fernando de Santibañes and Ricardo Lopez Murphy, Brazil's Paulo Guedes, as well as others in Peru, Colombia, Uruguay, Costa Rica, and Panama. Could their program for 'economic freedom,' such a drastic restructuring of the Chilean economy, only have been implemented by an authoritarian regime? [2] Some such as Nobel laureate Amartya Sen have argued that these policies were deliberately intended to serve the interests of American corporations at the expense of Latin American populations. Hayek, Friedman, and the Chicago Boys Does neoliberalism work? Directed by Carola Fuentes, Rafael Valdeavellano. [Silvia Bortzutzky, "The Chicago Boys, social security and welfare in Chile", The Radical Right and the Welfare State, Howard Glennerster and James Midgley (eds. The other Chicago Boys also joined the military government, occupying Cabinet positions during the 17 years of dictatorship. This article tests the long-standing hypothesis that the privatization reform implemented by the “Chicago Boys” during the Pinochet regime facilitated the creation of new groups and hence the renovation of the country’s elites. The Chicago Boys were a group of Chilean economists prominent around the 1970s and 1980s, the majority of whom were educated at the Department of Economics of the University of Chicago under Milton Friedman and Arnold Harberger, or at its affiliate in the economics department at the Pontifical Catholic University of Chile. The connection with the dictator has been one of the most controversial aspects of Friedman’s legacy in the United States. De Castro became the economic minister and later the treasury minister. The Chicago Boys rose to prominence as leaders of the early reforms initiated in Chile during General A… Alessandri rejected El ladrillo, but it was revisited after the 1973 Chilean coup d'état on 11 September 1973 brought Augusto Pinochet to power, and it became the basis of the new regime's economic policy. “Chile was not a jewel in 1995, but it’s a jewel today,” the economist Arnold Harberger says in the documentary Chicago Boys. Introduction Forty years ago, while Pinochet was in power, Milton Friedman visited Chile at the end of March, 1975. Becker’s conclusion about that episode? They opened the economy to foreign imports, privatized dozens of state companies, and removed most government controls on private economic activity. Enter your keywords . [citation needed] It was funded by the Ford Foundation and the Rockefeller Foundation aimed at influencing Chilean economic thinking. There is some real meat in this text addressing the nature of the Chicago School economics imported to Chile by the Chicago Boys. Genre: Non-fiction, Chilean economists and political advisors, Kris Vanden Berg, 2012, Nixon’s Foreign Policy in Chile: Economic Securities over Human Rights. About one hundred select students between 1957 and 1970 received training, first in an apprenticeship program in Chile and then in post-graduate work in Chicago. What was the effect? Episode 905: The Chicago Boys, Part I : Planet Money Today Chile has one of the wealthiest, most stable economies in South America. Although the largest and most influential group of so-called Chicago Boys was Chilean in origin, there were many Latin American graduates from the University of Chicago around the same period. Fortunately, the Chicago Boys did not manage to undo everything Allende accomplished. “Until then, Chileans always felt proud about our economic success,” Fuentes told me in a phone interview from Chile. Democratic Socialism in Chile and Peru: Revisiting the “Chicago Boys” as the Origin of Neoliberalism JOHANNA BOCKMAN Global Affairs Program, George Mason University From 1956 to 1964, the U.S. government funded a program run by the Economics Department at the University of Chicago… The "Miracle of Chile" was a term used by economist Milton Friedman to describe the reorientation of the Chilean economy in the 1980s and the effects of the economic policies applied by a large group of Chilean economists who collectively came to be known as the Chicago Boys, having studied at the University of Chicago where Friedman taught. SANTIAGO, CHILE -- In early 1984, the situation looked grim for the "Chicago Boys." From 1964 to 1970, President Eduardo Frei led a "revolution in liberty." The conventional portrayal of the Chicago Boys is of a group of U.S.-trained, technocratic Chapter 7: Chicago Boys and Pinochet [8:16] NARRATOR: The Chicago Boys were a group of economists at Chile's Catholic University who had been sent to the University of Chicago … You can’t imagine Margaret Thatcher’s reforms, in the United Kingdom, and Ronald Reagan’s, in the United States, without Chile.” She adds that the Chicago Boys remain proud of how they changed Chile, even as high-profile corruption cases have caused many Chileans to lose faith in a largely self-regulated market: “They can’t understand why Chileans are not thankful for what they did.”. Democratic governments after Pinochet have maintained their politics mostly intact and only in recent years, particularly during Socialist Party President Michelle Bachelet’s second term, have some steps been taken to reform labor rights, pensions, and the health and education systems, as well as implement for financial regulations. Fantasies of the Chicago Boys. The project was uneventful until the early 1970s. The Chicago Boys implemented a program that dropped the rate of inflation from about 1000 percent per year to about 10 percent per year. We decided to ask that question to the people who invented our economic model: the Chicago Boys.”. “This exchange was part of the State Department’s investment plan to expand their influence in Latin America, in a moment when they were concerned about the growth of Soviet ideas in the region. The term ‘Chicago Boys’ remains closely associated with the orthodox neoliberal adjustment implemented in Chile by the Pinochet dictatorship. It is clear evidence of America’s foreign-policy influence in Chile,” Fuentes told me. The term 'Chicago Boys' remains closely associated with the orthodox neoliberal adjustment implemented in Chile by the Pinochet dictatorship. “Most Chileans have to go into debt paying for education, health, to move around the highways, etc. Chicago Boys won best direction in the International Film Festival of Santiago before opening in Chilean theaters on Nov. 5. During Allende’s rule, the Chicago Boys continued working on their economic project, which was finally named el ladrillo—the brick, because it was so big. The history of Chile and the "Chicago boys" Unfortunately, Chile has been the site of revolution and experimentation for over 30 years now. Chile is among Latin America's most prosperous nations. Home › Chile, Augusto Pinochet, Chicago Boys, neoliberalism, economy; Chile, Augusto Pinochet, Chicago Boys, neoliberalism, economy. Nowadays, many Chileans believe that the dictatorship primarily made the people close to it very rich, at the cost of the rest of the population. 2, PBS Video clip – Chicago Boys and Pinochet, Audio clip – 'Chicago Boys' Leave Lasting Legacy on Chile's Economy, National Public Radio, Attempted assassination of Bernardo Leighton, Committee of Cooperation for Peace in Chile, https://en.wikipedia.org/w/index.php?title=Chicago_Boys&oldid=997349050, Military dictatorship of Chile (1973–1990), Articles with unsourced statements from July 2016, Creative Commons Attribution-ShareAlike License. If you value our work, please disable your ad blocker. Slate is published by The Slate Group, a Graham Holdings Company. Some of them bought video cameras, an unimaginable purchase in Chile in those years, and recorded their time in Chicago, footage that is used in the film. One of the numerous networking organizations for alumni, including the Chicago Boys, is the "Latin American Business Group at Chicago Booth School of Business" (LATAM). [3][4][5], The term "Chicago Boys" has been used at least as early as the 1980s[6] to describe Latin American economists who studied or identified with the libertarian economic theories then taught at the University of Chicago, even though some of them earned degrees at Harvard or MIT (see below). Page count: 672 (first edition) It had its origins in 1953 with Albion Patterson’s Plan Chillán. Search . They advocated widespread deregulation, privatization, and other free market policies for closely controlled economies. Hayek, Friedman, and the Chicago Boys Does neoliberalism work? Upon their return to Latin America they adopted positions in numerous South American governments including the military dictatorship of Chile (1973–1990). But in 2011, amid massive protests by Chilean students against economic inequality and the rising costs of higher education, journalist Carola Fuentes began to realize that something was changing. Today on the show, Chile goes from socialism to capitalism by force and with the help of the United States. You are here. “A lot of things, such as the privatization of the pension system, for example, were discussed in the United States a long time after being implemented in Chile,” Fuentes said. The history of Chile and the "Chicago boys" Unfortunately, Chile has been the site of revolution and experimentation for over 30 years now. Pinochet’s team of U.S.-educated economists, who were known as “the Chicago Boys,” advocated lowering taxes, selling state-run businesses, and encouraging foreign investment. He said the "Chilean economy did very well, but more importantly, in the end the central government, the military junta, was replaced by a democratic society. En 1973, cuando los militares chilenos derrocaron al presidente Salvador Allende, llegaron a instalarse en el gobierno con un plan económico bajo el brazo. They advocated widespread deregulation, privatization, and other free market policies for closely controlled economies. … El Ladrillo. Could their program for 'economic freedom,' such a drastic restructuring of the Chilean economy, only have been implemented by an authoritarian regime? Their program centered on reductions to fiscal spending to solve high inflation and economic difficulties. Yes, Chile’s economy has grown large, but for whom? CHICAGO BOYS is their story from their student days through the dictatorship, told by the Chicago Boys themselves. The Chicago Boys' ideas remained on the fringes of Chilean economic and political thought, even after a group of them prepared a 189-page "Program for Economic Development" called El ladrillo ("the brick"). La herencia de los "Chicago boys" Gilberto Villarroel Santiago de Chile Las privatizaciones en el Chile de Pinochet fueron anteriores a las de la Gran Bretaña de Thatcher. Suggesting this marked a recovery, they lifted nearly every restriction on foreign direct investment and loans. Blame the Chicago Boys”. The movie, which opened in Chile in November and was directed by Fuentes along with filmmaker Rafael Valdeavellano, explains how Chile ended up implementing the most extreme version of Friedman’s doctrines, while arguing that Chile’s audacious economic experiment was in many ways a field test for the ideas later put into practice by sympathetic leaders like Ronald Reagan and Margaret Thatcher. Chile has long been an export driven economy, meaning exports compose a very significant portion of its economy and any potential internal growth. The term continues to be used in popular culture, business magazines, press and media. Chile has long been an export driven economy, meaning exports compose a very significant portion of its economy and any potential internal growth. These reforms led to sustained growth, prompting the phrase “The Miracle of Chile.” The Chicago boys have tried to shift Chile away from this model, while ensuring that citizens aren’t left behind. Chileans’ frustration with their system will go on, says Fuentes. But it … These reforms led to sustained growth, prompting the phrase “The Miracle of Chile.” However, the reforms also led to a decline in wages and a spike in unemployment, and there was a … Two Lucky People: Memoirs. Deeply involved in the preparation of the 1975 military coup in Chile, the so-called Chicago Boys convinced the Junta generals that they were prepared to supplement the brutality, which the military possessed, with the intellectual assets it lacked. Amartya Sen argues that Chile has incredible instability during this time, including high rates of unemployment Social indicators have improved, but unclear if neoliberalism is a positive force Chile has most inequality of all OECD countries Foreign direct investment is high History; Staff & Board; Write for NACLA; Contact Us; Search form. From 1964 to 1970, President Eduardo Frei led a "revolution in liberty." Book Description This book tells the extraordinary story of the Pinochet regime's economists, known as the Chicago Boys. This was looked upon as a minor miracle in Latin America. risk the “Chicago Boys” influence and the economic liberalization process. En este viernes, Doctor File nos recuerda ese legado que dejaron los Chicago Boys. According to Stephens, the radical free-market policies prescribed to Chilean dictator Augusto Pinochet by Milton Friedman and his infamous "Chicago Boys" are the reason Chile is a … Pinochet stepped down in 1990 after his government was overwhelming rejected by the Chilean people in a constitutional referendum. By 1990, it had increased to 6.7, and today, it stands at 7.9. “Chicago Boys believe that their reforms helped Chile’s economy to grow, but if we discuss development in a more multidimensional way, I think we’re really behind.”. The production is now looking to distribute the film in the United States—the country where Chile’s “miracle” was born. They also never got around to trashing Allende's tough building code, an ideological The Chicago Boys implemented a program that dropped the rate of inflation from about 1000 percent per year to about 10 percent per year. March 3, 2010 8:07 am March 3, 2010 8:07 am. The idea, radical in the United States for years following the New Deal, was developed by Friedman in the 1940s and under his leadership of Chicago’s economics department became the intellectual center of free-market economics in America. Sign up for our NACLA Update for announcements, events, the latest articles, and more! Chicago boys generally advocated widespread deregulation, privatization, and other free market policies for closely controlled economies. Merino would be part of the junta that overthrew Allende in a CIA-backed coup in 1973, installing Gen. Augusto Pinochet as the new head of state. That rage boiled over into the recent protests. These change have met major resistance from conservative groups. Chile’s economic success has conventionally been credited to the Chicago Boys, a group of Chilean economists who were – like Guedes – trained under Nobel laureate Milton Friedman at the University of Chicago. You see, the Chicago Boys made Chile rich, and that’s what did it. [6] Milton and Rose Friedman used the term "Chicago Boys" in their memoir: "In 1975, when inflation still raged and a world recession triggered a depression in Chile, General Pinochet turned to the "Chicago Boys"; he appointed several of them to powerful positions in the government.[7]. So they started to build an economic program, which they presented to the presidential candidate Jorge Alessandri, who lost to the Socialist Salvador Allende in 1970. SS: In mid-1976 the Chicago Boys celebrated when Chile’s GNP grew by an impressive 6.6 percent. 09-oct-2017 - Los 'Chicago Boys' en Chile: el terrible impacto de la libertad económica | Transnational Institute From almost the very start of its independence, Chilean exports have made important contributions to the economic development of the United States. Amartya Sen argues that Chile has incredible instability during this time, including high rates of unemployment Social indicators have improved, but unclear if neoliberalism is a positive force Chile has most inequality of all OECD countries Foreign direct investment is high Here Orlando Letelier, TNI's second director, reflects on the impact their economic ideology had on Chile and by default shares pertinent … Chile developed a good export economy, including the export of fruits and vegetables to the northern … A detailed inside look at the intellectual formation of the so-called "Chicago boys," the young economists trained at the University of Chicago who came to exercise a great influence during the Pinochet regime and, depending on the biases of the observer, are credited or blamed for Chile's economic miracle. Free of unions, parliament or opposition media, the Chicago Boys were able to apply a liberal model to Chile that had never been seen before in any other country. But in the years since, the economic system implemented by the Chicago Boys has mostly remained in place. [Americans] also have a lot of inequality and abusive practices of businessman, but it’s not as extreme as in Chile.”. What were they willing to do to achieve their goals? Constable, Pamela, and Arturo Valenzuela (1991), Fontaine Aldunate, Arturo (1988), "Los Economistas y el Presidente Pinochet", Zig Zag, The Shock Doctrine - Naomi klein Originally published: 2007, This page was last edited on 31 December 2020, at 02:48. Narrates the story of the Chicago Boys in Chile - the Pinochet regime economists who were trained at the University of Chicago. The film recounts how in 1956 the University of Chicago and Santiago’s Universidad Católica—with the help of Ford Foundation—signed an exchange agreement to send young economics students to the United States to learn more about “monetarism,” the theory that governments should refrain from regulating the market, whenever possible, with the exception of managing the money supply. CHICAGO BOYS is their story from their student days through the dictatorship, told by the Chicago Boys themselves. They filmed their parties, their study sessions, and their walks around the campus. They rose to fame as leaders of the early reforms initiated in Chile during the rule of General Augusto Pinochet. In retrospect, their willingness to work for a cruel dictator and start a different economic approach was one of the best things that happened to Chile. Now we have the usual suspects claiming that Chile’s relatively low death toll in the quake proves that — you guessed it — Milton Friedman was right. In a December 2008 paper, W. Robert Needham, Professor Emeritus, Department of Economics, University of Waterloo, Chicago, wrote, “One may characterize the descent of the Chicago boys on Chile and elsewhere to be like members of the group known as the Four Horsemen of the Apocalypse—War, Famine, Pestilence and Death.” Its main architect was José Piñera, now a scholar at the Cato Institute. “But I’ve lived in the U.S., and there’re big differences. From 1970 to 1973, Salvadore Allende embarked on a "Chilean road to socialism." CHICAGO BOYS - TRAILER (ENG) from La Ventana Cine on Vimeo. Now in his 80s, Mr Lüders is one of a group known as the “Chicago Boys”, responsible for the extreme inequality seen in Chile and who tend to … In 1975, when the military junta began to promote Chicago Boys to top positions, Chile’s Economic Freedom score stood at 3.5 (on a scale from 0 to 10). Hoped to implement some of what they had learned in America citation needed ] it presented... 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