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Miracle of Chile

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</style><table class="sidebar sidebar-collapse nomobile nowraplinks" style="width:18.5em;"><tbody><tr><th class="sidebar-title" style="background:#ccf;"><a href="Economic_history_of_Chile" title="Economic history of Chile">Economic history of</a> <a href="Chile" title="Chile">Chile</a></th></tr><tr><td class="sidebar-image"></td></tr><tr><td class="sidebar-content">

<div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#eee;text-align:center;;color: var(--color-base)">Colonial era</div><div class="sidebar-list-content mw-collapsible-content plainlist">

<ul><li><a href="History_of_mining_in_Chile#Colonial_mining_.281541.E2.80.931810.29" title="History of mining in Chile">Colonial mining</a></li>

<li><a href="Real_Situado" title="Real Situado">Real Situado</a></li>

<li><a href="Hacienda" title="Hacienda">Hacienda</a></li>

<li><a href="Encomienda" title="Encomienda">Encomienda</a></li>

<li><a href="Colonial_alerce_logging_and_trade" class="mw-redirect" title="Colonial alerce logging and trade">Alerce logging</a></li>

<li><a href="Chilean_wheat_cycle" title="Chilean wheat cycle">Century of wheat</a></li>

<li><a href="Bourbon_reforms" class="mw-redirect" title="Bourbon reforms">Bourbon reforms</a></li></ul></div></div></td>

</tr><tr><td class="sidebar-content">

<div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#eee;text-align:center;;color: var(--color-base)">Early republic</div><div class="sidebar-list-content mw-collapsible-content plainlist">

<ul><li><a href="Chilean_independence_debt" title="Chilean independence debt">Independence debt</a></li>

<li><a href="Chilean_silver_rush" title="Chilean silver rush">Silver rush</a></li>

<li><a href="Chilean_wheat_cycle" title="Chilean wheat cycle">Wheat cycle</a></li>

<li><a href="Copper_mining_in_Chile#History" title="Copper mining in Chile">First copper boom</a></li>

<li><a href="History_of_mining_in_Chile#Silver_rushes_and_early_coal_mining_.281810.E2.80.931870.29" title="History of mining in Chile">Early coal mining</a></li>

<li><a href="Long_Depression#Chile" title="Long Depression">Long Depression</a></li></ul></div></div></td>

</tr><tr><td class="sidebar-content">

<div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#eee;text-align:center;;color: var(--color-base)"><a href="Economic_history_of_Chile#Saltpetre_Republic_(1873–1914)" title="Economic history of Chile">Saltpetre Republic</a></div><div class="sidebar-list-content mw-collapsible-content plainlist">

<ul><li><a href="War_of_the_Pacific" title="War of the Pacific">Saltpetre War</a></li>

<li><a href="Economic_history_of_Chile#Saltpetre_Republic_(1873-1914)" title="Economic history of Chile">"Oreros" and "Papeleros"</a></li>

<li><a href="Patagonian_sheep_farming_boom" title="Patagonian sheep farming boom">Sheep-farming boom</a></li>

<li><a href="Tierra_del_Fuego_gold_rush" title="Tierra del Fuego gold rush">Tierra del Fuego gold rush</a></li>

<li><a href="Meat_riots" title="Meat riots">Meat riots</a></li>

<li><a href="Great_Depression_in_Chile" title="Great Depression in Chile">Great Depression</a></li></ul></div></div></td>

</tr><tr><td class="sidebar-content">

<div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#eee;text-align:center;;color: var(--color-base)">Internal growth</div><div class="sidebar-list-content mw-collapsible-content plainlist">

<ul><li><a href="Chilean_copper_mining_during_World_War_II" class="mw-redirect" title="Chilean copper mining during World War II">Copper mining during World War II</a></li>

<li><div style="display: inline-block; line-height: 1.2em; padding: .1em 0; line-height:1.0em;padding:0.35em 0 0.15em;"><a href="CORFO" title="CORFO">CORFO (Production Development Corporation)</a></div></li>

<li><a href="United_Nations_Economic_Commission_for_Latin_America_and_the_Caribbean" title="United Nations Economic Commission for Latin America and the Caribbean">UN Economic Commission</a></li>

<li><a href="Chilean_land_reform" title="Chilean land reform">Land reform</a></li>

<li><a href="Chilean_nationalization_of_copper" title="Chilean nationalization of copper">Copper nationalization</a></li>

<li><a href="Vuskovic_plan" title="Vuskovic plan">Vuskovic plan</a></li></ul></div></div></td>

</tr><tr><td class="sidebar-content">

<div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#eee;text-align:center;;color: var(--color-base)">Return of liberalism</div><div class="sidebar-list-content mw-collapsible-content plainlist">

<ul><li><a href="Chicago_Boys" title="Chicago Boys">Chicago Boys</a></li>

<li><a href="El_ladrillo" title="El ladrillo">El ladrillo</a></li>

<li><a href="Decreto_Ley_600" title="Decreto Ley 600">Decreto Ley 600</a></li>

<li><a href="Crisis_of_1982" title="Crisis of 1982">1982 crisis</a></li>

<li><a href="Copper_Stabilization_Fund" class="mw-redirect" title="Copper Stabilization Fund">Copper Stabilization Fund</a></li>

<li><a href="1997_Asian_financial_crisis" title="1997 Asian financial crisis">Asian crisis</a></li>

<li><a href="2004_Argentine_energy_crisis" title="2004 Argentine energy crisis">2004 energy crisis</a></li>

<li><a href="2000s_commodities_boom#Copper" title="2000s commodities boom">2000s copper boom</a></li></ul></div></div></td>

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The "Miracle of Chile" was a term used by economist <a href="Milton_Friedman" title="Milton Friedman">Milton Friedman</a> to describe the reorientation of the <a href="Economy_of_Chile" title="Economy of Chile">Chilean economy</a> 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 <a href="Chicago_Boys" title="Chicago Boys">Chicago Boys</a>, having studied at the <a href="University_of_Chicago" title="University of Chicago">University of Chicago</a> where Friedman taught. He said the "Chilean economy did very well, but more importantly, in the end the central government, the <a href="Military_junta" title="Military junta">military junta</a>, was replaced by a <a href="Chilean_transition_to_democracy" title="Chilean transition to democracy">democratic society</a>. So the really important thing about the Chilean business is that free markets did work their way in bringing about a free society."<a href="#cite_note-1">[1]</a> The junta to which Friedman refers was a <a href="Military_government_of_Chile_(1973%E2%80%9390)" class="mw-redirect" title="Military government of Chile (1973–90)">military government</a> that came to power in a <a href="1973_Chilean_coup_d'%C3%A9tat" title="1973 Chilean coup d'état">1973 coup d'état</a>, which came to an end in 1990 after a democratic <a href="1988_Chilean_national_plebiscite" class="mw-redirect" title="1988 Chilean national plebiscite">1988 plebiscite</a> removed <a href="Augusto_Pinochet" title="Augusto Pinochet">Augusto Pinochet</a> from the presidency.

<div class="mw-heading mw-heading2"><h2 id="Overview">Overview</h2></div>

The economic reforms implemented by the Chicago Boys had three main objectives: <a href="Economic_liberalization" title="Economic liberalization">economic liberalization</a>, <a href="Privatization" title="Privatization">privatization</a> of state-owned companies, and stabilization of <a href="Inflation" title="Inflation">inflation</a>. The first reforms were implemented in three rounds – 1974–1983, 1985, and 1990. The reforms were continued and strengthened after 1990 by the post-Pinochet <a href="Centrism" title="Centrism">center</a> government of <a href="Patricio_Aylwin" title="Patricio Aylwin">Patricio Aylwin</a>'s <a href="Christian_Democratic_Party_(Chile)" title="Christian Democratic Party (Chile)">Christian Democrats</a>.<a href="#cite_note-Thomas_M._Leonard_p._322-2">[2]</a> However, the center-left government of <a href="Eduardo_Frei_Ruiz-Tagle" title="Eduardo Frei Ruiz-Tagle">Eduardo Frei Ruiz-Tagle</a> also made a commitment to poverty reduction. In 1988, 48% of Chileans lived below the poverty line. By 2000 this had been reduced to 20%. A 2004 World Bank report attributed 60% of Chile's 1990's poverty reduction to economic growth, and claimed that government programs aimed at poverty alleviation accounted for the rest.<a href="#cite_note-3">[3]</a>

<a href="Hern%C3%A1n_B%C3%BCchi" title="Hernán Büchi">Hernán Büchi</a>, Minister of Finance under Pinochet between 1985 and 1989, wrote a book detailing the implementation process of the economic reforms during his tenure. Successive governments have continued these policies. In 2002 Chile signed an association agreement with the <a href="European_Union" title="European Union">European Union</a> (comprising <a href="Free_trade" title="Free trade">free trade</a> and political and cultural agreements), in 2003, an extensive free trade agreement with the <a href="United_States" title="United States">United States</a>, and in 2004 with <a href="South_Korea" title="South Korea">South Korea</a>, expecting a boom in import and export of local produce and becoming a regional trade-hub. Continuing the coalition's free-trade strategy, in August 2006, President Bachelet promulgated a <a href="Free_trade_agreement" title="Free trade agreement">free trade agreement</a> with the <a href="People's_Republic_of_China" class="mw-redirect" title="People's Republic of China">People's Republic of China</a> (signed under the previous administration of <a href="Ricardo_Lagos" title="Ricardo Lagos">Ricardo Lagos</a>), the first Chinese free-trade agreement with a <a href="Latin_America" title="Latin America">Latin American</a> nation; similar deals with Japan and India were promulgated in August 2007. In 2010, Chile was the first nation in South America to win membership in the <a href="OECD" title="OECD">Organization of Economic Cooperation and Development</a>, an organization restricted to the world's richest countries.

<a href="#Performance_on_economic_and_social_indicators">Some economists</a> (such as Nobel laureate <a href="Amartya_Sen" title="Amartya Sen">Amartya Sen</a>) have argued that the experience of Chile in this period indicates a failure of the economic liberalism posited by thinkers such as Friedman, claiming that there was little net economic growth from 1975 to 1982 (during the so-called "pure <a href="Monetarism" title="Monetarism">Monetarist</a> experiment"). After the catastrophic <a href="Crisis_of_1982" title="Crisis of 1982">banking crisis of 1982</a>, the state controlled more of the economy than it had under the previous socialist government, and sustained economic growth only came after the later reforms that privatized the economy, while social indicators remained poor.<a href="#cite_note-ft-4">[4]</a> The <a href="Organisation_for_Economic_Co-operation_and_Development" class="mw-redirect" title="Organisation for Economic Co-operation and Development">OECD</a> economist <a href="Javier_Santiso" title="Javier Santiso">Javier Santiso</a> described this reorientation as "combining <a href="Neo-liberal" class="mw-redirect" title="Neo-liberal">neo-liberal</a> sutures and interventionist cures".<a href="#cite_note-5">[5]</a>

<div class="mw-heading mw-heading2"><h2 id="Background">Background</h2></div>

In 1972, Chile's inflation was at 150%.<a href="#cite_note-news.bbc.co.uk-6">[6]</a> According to Hernán Büchi, several factors such as expropriations, price controls, and protectionism caused these economic problems.<a href="#cite_note-Buchi-7">[7]</a> At the same time, the <a href="United_States" title="United States">United States</a> conducted a campaign to deepen the inflation crisis.<a href="#cite_note-8">[8]</a> The Central Bank increased the money supply to pay for the increasing deficit. Büchi states that this increase was the primary cause for inflation.<a href="#cite_note-Buchi-7">[7]</a>

United States government documents report an antagonistic foreign economic policy toward the Allende government that was "articulated at the highest levels" during this time.<a href="#cite_note-us-senate-1975-9">[9]</a>: 33 Shortly after Salvador Allende was elected president, but before he assumed office, then-CIA-director <a href="Richard_Helms" title="Richard Helms">Richard Helms</a> met with <a href="Richard_Nixon" title="Richard Nixon">President Richard Nixon</a> and discussed the situation in Chile. Helms' notes from his September 15, 1970 meeting contain the indication: "Make the economy scream." A week later <a href="Edward_M._Korry" title="Edward M. Korry">Ambassador Edward Korry</a> reported telling outgoing Chilean president <a href="Eduardo_Frei_Montalva" title="Eduardo Frei Montalva">Eduardo Frei Montalva</a>, through his Defense Minister, that "not a nut or bolt would be allowed to reach Chile under Allende." By late 1972, the Chilean Ministry of the Economy estimated that almost one-third of the diesel trucks at the <a href="Chuquicamata" title="Chuquicamata">Chuquicamata</a> copper mine, 30 percent of the privately owned city buses, 21 percent of all taxis, and 33 percent of state-owned buses in Chile could not operate because of the lack of spare parts or tires. In overall terms, the value of United States machinery and transport equipment exported to Chile by U.S. firms declined from $153 million in 1970 to $110 million in 1971.<a href="#cite_note-us-senate-1975-9">[9]</a>: 33

Immediately following the <a href="Chilean_coup_of_1973" class="mw-redirect" title="Chilean coup of 1973">Chilean coup of 1973</a>, <a href="Augusto_Pinochet" title="Augusto Pinochet">Augusto Pinochet</a> was made aware of a confidential economic plan known as <a href="El_ladrillo" title="El ladrillo">El ladrillo</a><a href="#cite_note-LADRILLO-10">[10]</a> (literally, "the brick"), so called because the report was "as thick as a brick". The plan had been quietly prepared in May 1973 <a href="#cite_note-HERENCIA-11">[11]</a> by economists who opposed <a href="Salvador_Allende" title="Salvador Allende">Salvador Allende</a>'s government, with the help from a group of economists the press were calling the <a href="Chicago_Boys" title="Chicago Boys">Chicago Boys</a>, because they were predominantly alumni of the <a href="University_of_Chicago" title="University of Chicago">University of Chicago</a>. The document contained the backbone of what would later on become the Chilean economic policy.<a href="#cite_note-HERENCIA-11">[11]</a> According to the 1975 report of a <a href="Senate_Intelligence_Committee" class="mw-redirect" title="Senate Intelligence Committee">United States Senate Intelligence Committee</a> investigation, the Chilean economic plan was prepared in collaboration with the CIA.<a href="#cite_note-us-senate-1975-9">[9]</a>: 40

The plan recommended a set of economic reforms that included <a href="Deregulation" title="Deregulation">deregulation</a> and <a href="Privatization" title="Privatization">privatization</a>. Among other reforms, they made the central bank independent, cut tariffs, privatized the state-controlled <a href="Pension" title="Pension">pension</a> system,<a href="#cite_note-PENSION-12">[12]</a> state industries, and banks, and reduced taxes. Pinochet's stated aim was to "make Chile not a nation of <a href="Proletariat" title="Proletariat">proletarians</a>, but a nation of <a href="Entrepreneur" class="mw-redirect" title="Entrepreneur">entrepreneurs</a>".<a href="#cite_note-news.bbc.co.uk-6">[6]</a>

<div class="mw-heading mw-heading2"><h2 id="Reforms">Reforms</h2></div>

The first reforms were implemented in three rounds: 1974–1983, 1985, and 1990.

The government welcomed <a href="Foreign_direct_investment" title="Foreign direct investment">foreign investment</a> and eliminated protectionist <a href="Trade_barrier" title="Trade barrier">trade barriers</a>, forcing Chilean businesses to compete with <a href="Import" title="Import">imports</a> on an equal footing, or else go out of business. The main copper company, <a href="Codelco" title="Codelco">Codelco</a>, remained in government hands due to the <a href="Chilean_nationalization_of_copper" title="Chilean nationalization of copper">nationalization of copper</a> completed by <a href="Salvador_Allende" title="Salvador Allende">Salvador Allende</a>, however, private companies were allowed to explore and develop new mines.

Minister of Finance <a href="Sergio_de_Castro_(economist)" title="Sergio de Castro (economist)">Sergio de Castro</a>, departing from Friedman's support for free floating exchange rates, decided on a <a href="Fixed_exchange-rate_system" class="mw-redirect" title="Fixed exchange-rate system">pegged exchange rate</a> of 39 pesos per dollar in June 1979, under the rationale of bringing Chile's rampant <a href="Inflation" title="Inflation">inflation</a> to heel. The result, however, was that a serious balance-of-trade problem arose,<a href="#cite_note-The_Political_Economy_of_Unilateral_Trade_Liberalization-13">[13]</a> leading Milton Friedman to criticize De Castro and the fixed exchange rate in his Memoirs ("Chapter 24: Chile", 1998).<a href="#cite_note-Two_Lucky_People-14">[14]</a> Since <a href="Chilean_peso" title="Chilean peso">Chilean peso</a> <a href="Inflation" title="Inflation">inflation</a> continued to outpace U.S. dollar inflation, every year Chilean buying power of foreign goods increased. When the bubble finally burst in late 1982, Chile slid into a severe <a href="Recession" title="Recession">recession</a> that lasted more than two years.

This deep economic recession of 1982–1983 was Chile's second in eight years. (In 1975, when GDP fell by 13 percent, industrial production plunged by 27 percent and unemployment increased to 20 percent). Additionally, inflation reached 375 percent in 1974—the highest rate in the world and almost twice the top level under Allende.<a href="#cite_note-15">[15]</a> During the 1982–1983 recession, real economic output declined by 19%, with most of the recovery and subsequent growth taking place after Pinochet left office, when market-oriented economic policies were additionally strengthened.<a href="#cite_note-Thomas_M._Leonard_p._322-2">[2]</a>

Starting in 1985, with <a href="Hern%C3%A1n_B%C3%BCchi" title="Hernán Büchi">Hernán Büchi</a> as Minister of Finance, the focus of economic policies shifted toward financial solvency and economic growth. Exports grew rapidly and unemployment went down, however, poverty still represented a significant problem, with 45 percent of Chile's population below the <a href="Poverty_threshold" title="Poverty threshold">poverty line</a> in 1987. Büchi wrote about his experience during this period in his book La transformación económica de Chile: el modelo del progreso. In 1990, the newly elected <a href="Patricio_Aylwin" title="Patricio Aylwin">Patricio Aylwin</a> government undertook a program of "growth with equity", emphasizing both continued economic liberalization and poverty reduction. Between 1990 and 2000, poverty was reduced from 40 percent of the population to 20 percent. 60 percent of this reduction can be attributed to GDP growth, with the remaining 40 percent attributable social policies.<a href="#cite_note-DEPRESSION2-16">[16]</a>

<div class="mw-heading mw-heading3"><h3 id="Free_trade_agreements">Free trade agreements</h3></div>

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</style><div role="note" class="hatnote navigation-not-searchable">See also: <a href="Decreto_Ley_600" title="Decreto Ley 600">Decreto Ley 600</a></div>

Successive Chilean governments have actively pursued trade-liberalizing agreements. The process began in the 1970s, when Pinochet cut tariffs on imports to 10%. Prior to that, Chile had been one of the most protectionist economies in the world, ranking 71 out of 72 in a 1975 <a href="Cato_Institute" title="Cato Institute">Cato Institute</a> and <a href="Fraser_Institute" title="Fraser Institute">Fraser Institute</a> annual report.<a href="#cite_note-Cato-Fraser-17">[17]</a> During the 1990s, Chile signed <a href="Free_trade_agreement" title="Free trade agreement">free trade agreements</a> (FTA) with Canada, Mexico, and Central America. Chile also concluded preferential trade agreements with Venezuela, Colombia, and Ecuador. An association agreement with Mercosur—Argentina, Brazil, Paraguay, and Uruguay—went into effect in October 1996. Continuing its export-oriented development strategy, Chile completed landmark free trade agreements in 2002 with the European Union and South Korea. Chile, as a member of the <a href="Asia-Pacific_Economic_Cooperation" title="Asia-Pacific Economic Cooperation">Asia-Pacific Economic Cooperation</a> (APEC) organization, is seeking to boost commercial ties to Asian markets. To that end, it has signed trade agreements in recent years with New Zealand, Singapore, Brunei, India, China, and most recently Japan. In 2007, Chile held trade negotiations with Australia, Thailand, Malaysia, and China. In 2008, Chile hopes to conclude an FTA with Australia, and finalize an expanded agreement (covering trade in services and investment) with China. The P4 (Chile, Singapore, New Zealand, and Brunei) also plan to expand ties through adding a finance and investment chapter to the existing P4 agreement. Chile's trade talks with Malaysia and Thailand are also scheduled to continue in 2008.<a href="#cite_note-USDoS-18">[18]</a>

<div class="mw-heading mw-heading2"><h2 id="Performance_on_economic_and_social_indicators">Performance on economic and social indicators</h2></div>

<a href="Amartya_Sen" title="Amartya Sen">Amartya Sen</a>, in his book Hunger and Public Action, examines the performance of Chile in various economic and social indicators. He finds, from a survey of the literature on the field:

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</style><blockquote class="templatequote">The so-called "monetarist experiment" which lasted until 1982 in its pure form, has been the object of much controversy, but few have claimed it to be a success...The most conspicuous feature of the post 1973 period is that of considerable instability...no firm and consistent upward trend (to say the least).</blockquote>

Nobel laureate and economist <a href="Gary_Becker" title="Gary Becker">Gary Becker</a> states that "Chile's annual growth in per capita real income from 1985 to 1996 averaged a remarkable 5 percent, far above the rest of Latin America."<a href="#cite_note-19">[19]</a> Since then the economy has averaged 3% annual growth in GDP.<a href="#cite_note-WDI-20">[20]</a> Becker also said, in 1997, that Chile had become "an economic role model for the whole underdeveloped world".<a href="#cite_note-:0-21">[21]</a> <a href="Margaret_Thatcher" title="Margaret Thatcher">Margaret Thatcher</a> declared that Pinochet's regime had turned Chile "from chaotic collectivism into the model economy of Latin America" whereas <a href="George_H._W._Bush" title="George H. W. Bush">George H. W. Bush</a> asserted that "Chile's record of economic accomplishment is a lesson for Latin America on the power of the free market. Nowhere among the nations of this continent has the pace of free‐market reform gone farther, faster than right here in Chile".<a href="#cite_note-:0-21">[21]</a>

Developments were very positive with regards to infant mortality and life expectancy—infant mortality rate fell so much that Chile achieved the lowest level of infant mortality in Latin America in the 1980s.<a href="#cite_note-22">[22]</a> <a href="Infant_mortality" title="Infant mortality">Infant mortality</a> rate in Chile fell from 76.1 per 1000 to 22.6 per 1000 from 1970 to 1985.<a href="#cite_note-WDI-20">[20]</a> Between 1960 and 1995 Infant Mortality declined by "91%"<a href="#cite_note-:1-23">[23]</a> from "118"<a href="#cite_note-:1-23">[23]</a> per 1,000 live births to "11".<a href="#cite_note-:1-23">[23]</a> A "63%"<a href="#cite_note-:1-23">[23]</a> increase in Life Expectancy was also found in the same period from "57.3"<a href="#cite_note-:1-23">[23]</a> to "74.9".<a href="#cite_note-:1-23">[23]</a> In 1988, the military government passed a law making all abortion illegal. As of July 19, 2017,<a href="#cite_note-24">[24]</a> legislation permitting abortion under limited circumstances (if the pregnancy endangers the life of the woman, if the fetus is not viable, or if the pregnancy resulted from rape) was passed.<a href="#cite_note-cnnchile-25">[25]</a>

However, Sen claims that this improvement was not because of "free-market" policies but because of active public and state intervention. Chile had a very long tradition of public action for the improvement of childcare, which were largely maintained after the Pinochet coup:

<blockquote class="templatequote"> ... there is little disagreement as to what caused the observed improvement in the area of child health and nutrition...It would be hard to attribute the impressively steady decline in infant mortality ... (despite several major economic recessions) ... to anything else than the maintenance of extensive public support measures</blockquote>

Nevertheless, according to libertarian writer <a href="Axel_Kaiser" title="Axel Kaiser">Axel Kaiser</a>:<a href="#cite_note-:0-21">[21]</a>

<blockquote class="templatequote">In short, thanks to the free‐market reforms introduced by the Chicago Boys and maintained by the democratic regimes that came later, Chile became the most prosperous country in Latin America, which mostly benefitted the poorest members of the population.</blockquote>

Income inequality measured by the <a href="Gini_coefficient" title="Gini coefficient">Gini Index</a> declined from "56.19"<a href="#cite_note-:2-26">[26]</a> in 1987 to "43.04"<a href="#cite_note-:2-26">[26]</a> in 2022. When measured by the <a href="Theil_index" title="Theil index">Theil Index</a> it declined from "63.85"<a href="#cite_note-:2-26">[26]</a> in 1987 to "35.76"<a href="#cite_note-:2-26">[26]</a> in 2022.

Performance on economic indicators in comparison to those of other Chilean presidencies:<a href="#cite_note-27">[27]</a>

<th style="text-align:left;">Presidency

</th>

<th style="width:4.5em;">Alessandri (1959–64)

</th>

<th style="width:4.5em;">Frei-Montalva (1965–70)

</th>

<th style="width:4.5em;">Allende (1971–73)

</th>

<th style="width:4.5em;">Pinochet (1974–89)

</th>

<th style="width:4.5em;">Aylwin (1990–93)

</th>

<th style="width:4.5em;">Frei Ruiz-Tagle (1994–99)

</th>

<th style="width:4.5em;">Lagos (2000)

</th></tr>

<tr>

<td style="text-align:left;">Economic growth (% of GDP)

</td>

<td style="text-align: center;">3.7

</td>

<td style="text-align: center;">4.0

</td>

<td style="text-align: center;">1.2

</td>

<td style="text-align: center;">2.9

</td>

<td style="text-align: center;">7.7

</td>

<td style="text-align: center;">5.6

</td>

<td style="text-align: center;">5.4

</td></tr>

<tr>

<td style="text-align:left;">Growth rate of exports

</td>

<td style="text-align: center;">6.2

</td>

<td style="text-align: center;">2.3

</td>

<td style="text-align: center;">-4.2

</td>

<td style="text-align: center;">10.6

</td>

<td style="text-align: center;">9.6

</td>

<td style="text-align: center;">9.4

</td>

<td style="text-align: center;">7.5

</td></tr>

<tr>

<td style="text-align:left;">Rate of unemployment (Workers in job creation programs counted as unemployed)

</td>

<td style="text-align: center;">5.2

</td>

<td style="text-align: center;">5.9

</td>

<td style="text-align: center;">4.7

</td>

<td style="text-align: center;">18.1

</td>

<td style="text-align: center;">7.3

</td>

<td style="text-align: center;">7.4

</td>

<td style="text-align: center;">10.0

</td></tr>

<tr>

<td style="text-align:left;">Real wages (1970 = 100)

</td>

<td style="text-align: center;">62.2

</td>

<td style="text-align: center;">84.2

</td>

<td style="text-align: center;">89.7

</td>

<td style="text-align: center;">81.9

</td>

<td style="text-align: center;">99.8

</td>

<td style="text-align: center;">123.4

</td>

<td style="text-align: center;">134.4

</td></tr>

<tr>

<td style="text-align:left;">Rate of inflation

</td>

<td style="text-align: center;">26.6

</td>

<td style="text-align: center;">26.3

</td>

<td style="text-align: center;">293.8

</td>

<td style="text-align: center;">79.9

</td>

<td style="text-align: center;">17.7

</td>

<td style="text-align: center;">6.1

</td>

<td style="text-align: center;">4.5

</td></tr></tbody></table>

<div class="mw-heading mw-heading2"><h2 id="Milton_Friedman">Milton Friedman</h2></div>

Milton Friedman gave some lectures advocating free market economic policies at the <a href="Universidad_Cat%C3%B3lica_de_Chile" class="mw-redirect" title="Universidad Católica de Chile">Universidad Católica de Chile</a>. In 1975, two years after the coup, he met with Pinochet for 45 minutes, where the general "indicated very little indeed about his own or the government's feeling" and the president asked Friedman to write him a letter laying out what he thought Chile's economic policies should be, which he also did.<a href="#cite_note-REASON-28">[28]</a> To stop inflation, Friedman proposed reduction of government deficits that had increased in the past years and a flat commitment by government that after six months it will no longer finance government spending by creating money. He proposed relief of cases of real hardship among poorest classes. In October 1975 the New York Times columnist Anthony Lewis declared that "the Chilean junta's economic policy is based on the ideas of Milton Friedman…and his Chicago School".<a href="#cite_note-REASON-28">[28]</a>

Friedman has wondered why some have attacked him for giving a lecture in Chile: "I must say, it's such a wonderful example of a double standard, because I had spent time in Yugoslavia, which was a communist country. I later gave a series of lectures in China. When I came back from communist China, I wrote a letter to the Stanford Daily newspaper in which I said, 'It's curious. I gave exactly the same lectures in China that I gave in Chile. I have had many demonstrations against me for what I said in Chile. Nobody has made any objections to what I said in China. How come?'" He noted that his visit was unrelated to the political side of the regime and that, during his visit to Chile, he even stated that following his economic liberalization advice would help bring political freedom and the downfall of the regime.<a href="#cite_note-PBS-29">[29]</a>

<div class="mw-heading mw-heading2"><h2 id="Democracy">Democracy</h2></div>

Commenting on his statement about the "Miracle", Friedman says that "the emphasis of that talk was that free markets would undermine political centralization and political control."<a href="#cite_note-PBS-29">[29]</a> Friedman stated that "The real miracle in Chile was not that those economic reforms worked so well, but 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."<a href="#cite_note-30">[30]</a> Friedman said the "Chilean economy did very well, but more important, in the end the central government, the military junta, was replaced by a democratic society. So the really important thing about the Chilean business is that free markets did work their way in bringing about a free society."<a href="#cite_note-PBS-29">[29]</a>

<div class="mw-heading mw-heading2"><h2 id="Current_Chilean_economy">Current Chilean economy</h2></div>

<div role="note" class="hatnote navigation-not-searchable">Main article: <a href="Economy_of_Chile" title="Economy of Chile">Economy of Chile</a></div>

According to the 2015 <a href="Index_of_Economic_Freedom" title="Index of Economic Freedom">Index of Economic Freedom</a> (of the Heritage Foundation, Fraser Institute and WSJ), Chile's economy is the 7th freest.<a href="#cite_note-31">[31]</a> Chile is ranked 1st out of 29 countries in the Americas and has been a regional leader for over a decade. Chile's annual GDP growth was 3.2% in 2008 and had averaged 4.8% from 2004 to 2008.<a href="#cite_note-WDI-20">[20]</a>

The percent of total income earned by the richest 20% of the Chilean population in 2020 was 51.6%, while the percent of total income earned by the poorest 20% of the Chilean population was 5.5%, with the middle 60% of the population earning 42.9% of total income.<a href="#cite_note-WDI-20">[20]</a> Chile's <a href="Gini_coefficient" title="Gini coefficient">Gini index</a> (measure of income distribution) was 44.9 in 2020, compared to 24.7 of Denmark (most equally distributed) and 74.3 of Namibia (most unequally distributed). Chile's inequality as measured by the Gini coefficient has generally been decreasing since 1990.<a href="#cite_note-WDI-20">[20]</a>

<ul><li><a href="Pensions_in_Chile" title="Pensions in Chile">Pensions in Chile</a></li>

<li><a href="Economic_history_of_Chile" title="Economic history of Chile">Economic history of Chile</a></li>

<li><a href="2011%E2%80%9312_Chilean_student_protests" class="mw-redirect" title="2011–12 Chilean student protests">2011–12 Chilean student protests</a></li></ul>

<div class="mw-heading mw-heading2"><h2 id="References">References</h2></div>

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</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.pbs.org/wgbh/commandingheights/shared/minitext/int_miltonfriedman.html#10">"Commanding Heights: Milton Friedman"</a>. PBS. Retrieved December 29, 2008.</cite>

</li>

<li id="cite_note-Thomas_M._Leonard_p._322-2">^ <a href="#cite_ref-Thomas_M._Leonard_p._322_2-0">a</a> <a href="#cite_ref-Thomas_M._Leonard_p._322_2-1">b</a> Thomas M. Leonard. Encyclopedia Of The Developing World. Routledge. <a href="ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <bdi>1-57958-388-1</bdi> p. 322

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<li id="cite_note-3"><a href="#cite_ref-3">^</a> <cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://documents.worldbank.org/curated/en/292491468743165841/pdf/308060CL0poverty01see0also0307591.pdf">"Successes and Failures in Poverty Eradication: Chile"</a> (PDF).</cite>

</li>

<li id="cite_note-ft-4"><a href="#cite_ref-ft_4-0">^</a> <a rel="nofollow" class="external free" href="https://www.ft.com/cms/s/0/7c2a7a48-2030-11db-9913-0000779e2340.html#axzz1qL9FWsgp">http://www.ft.com/cms/s/0/7c2a7a48-2030-11db-9913-0000779e2340.html#axzz1qL9FWsgp</a>

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<li id="cite_note-5"><a href="#cite_ref-5">^</a> <cite id="CITEREFSantiso2007" class="citation book cs1">Santiso, Javier (2007). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=XY0OR_n8MncC&pg=PA101">Latin America's Political Economy of the Possible: Beyond Good Revolutionaries and Free-Marketeers</a>. MIT Press. <a href="ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <bdi>9780262693592</bdi>.</cite>

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<li id="cite_note-news.bbc.co.uk-6">^ <a href="#cite_ref-news.bbc.co.uk_6-0">a</a> <a href="#cite_ref-news.bbc.co.uk_6-1">b</a> <cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://news.bbc.co.uk/2/hi/americas/63821.stm">"Pinochet's rule: Repression and economic success"</a>. BBC News. 2001-01-07. Retrieved 2010-05-12.</cite>

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<li id="cite_note-Buchi-7">^ <a href="#cite_ref-Buchi_7-0">a</a> <a href="#cite_ref-Buchi_7-1">b</a> <cite id="CITEREFBüchi2006" class="citation journal cs1 cs1-prop-unfit"><a href="Hern%C3%A1n_B%C3%BCchi" title="Hernán Büchi">Büchi, Hernán</a> (18 September 2006). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100420011745/http://www.heritage.org/Research/Reports/2006/09/How-Chile-Successfully-Transformed-Its-Economy">"How Chile successfully transformed its economy"</a>. Backgrounder. 1958: 1–10. Archived from the original on April 20, 2010. Retrieved 1 October 2010.</cite>

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<li id="cite_note-8"><a href="#cite_ref-8">^</a> United States Senate Report (1975) <a rel="nofollow" class="external text" href="https://www.intelligence.senate.gov/sites/default/files/94chile.pdf">"Covert Action in Chile, 1963–1973"</a> U.S. Government Printing Office Washington. D.C.

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<li id="cite_note-us-senate-1975-9">^ <a href="#cite_ref-us-senate-1975_9-0">a</a> <a href="#cite_ref-us-senate-1975_9-1">b</a> <a href="#cite_ref-us-senate-1975_9-2">c</a> <cite id="CITEREFSelect_Committee_to_Study_Governmental_Operations_with_Respect_to_Intelligence_Activities,_United_States_Senate1975" class="citation book cs1">Select Committee to Study Governmental Operations with Respect to Intelligence Activities, United States Senate (1975). <a rel="nofollow" class="external text" href="http://webarchive.loc.gov/all/20130706111810/http%3A//www.intelligence.senate.gov/pdfs94th/94chile.pdf">Covert Action in Chile 1963–1973</a> (PDF). Washington, DC: U.S. Government Printing Office. Archived from <a rel="nofollow" class="external text" href="http://www.intelligence.senate.gov/pdfs94th/94chile.pdf">the original</a> (PDF) on 2013-07-06. Retrieved 14 July 2013. <q>Another goal, achieved in part through work done at the opposition research organization before the coup, was to help the new government organize and implement new policies. Project files record that CIA collaborators were involved in preparing an initial overall economic plan which has served as the basis for the Junta's most important economic decisions.</q></cite>

</li>

<li id="cite_note-LADRILLO-10"><a href="#cite_ref-LADRILLO_10-0">^</a> (in Spanish)<a rel="nofollow" class="external text" href="http://www.cepchile.cl/dms/lang_1/cat_794_inicio.html">El Ladrillo: Bases de la Política Económica del Gobierno Militar Chileno. Santiago de Chile: June 2002</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20070607205314/http://www.cepchile.cl/dms/lang_1/cat_794_inicio.html">Archived</a> 2007-06-07 at the <a href="Wayback_Machine" title="Wayback Machine">Wayback Machine</a> <a href="ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <bdi>9567015074</bdi>

</li>

<li id="cite_note-HERENCIA-11">^ <a href="#cite_ref-HERENCIA_11-0">a</a> <a href="#cite_ref-HERENCIA_11-1">b</a> (in Spanish) <a rel="nofollow" class="external text" href="http://news.bbc.co.uk/hi/spanish/latin_america/newsid_3192000/3192145.stm">Villaroel, Gilberto. La herencia de los “Chicago boys”. Santiago do Chile: BBC Mundo.com – América Latina, 10/12/2006.</a>

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<li id="cite_note-PENSION-12"><a href="#cite_ref-PENSION_12-0">^</a> <a rel="nofollow" class="external text" href="http://assets.aarp.org/rgcenter/econ/ib23_chile.pdf">RIX, Sara E., Ph.D. Chile’s Experience With The Privatization Of Social Security. AARP Public Policy Institute, August 1995</a>

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<li id="cite_note-The_Political_Economy_of_Unilateral_Trade_Liberalization-13"><a href="#cite_ref-The_Political_Economy_of_Unilateral_Trade_Liberalization_13-0">^</a> <cite class="citation journal cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20040730125426/http://www.anderson.ucla.edu/faculty/sebastian.edwards/W6510.pdf">"The Political Economy of Unilateral Trade Liberalization"</a> (PDF). UCLA. 1990. Archived from <a rel="nofollow" class="external text" href="http://www.anderson.ucla.edu/faculty/sebastian.edwards/W6510.pdf">the original</a> (PDF) on 2004-07-30. Retrieved 2010-12-06.</cite>

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<li id="cite_note-Two_Lucky_People-14"><a href="#cite_ref-Two_Lucky_People_14-0">^</a> <cite id="CITEREFFriedmanFriedman1998" class="citation book cs1">Friedman, Milton; Friedman, Rose D. (1998). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=6l0_vQ1zpI8C&q=sergio+de+castro">Two Lucky People</a>. <a href="University_of_Chicago_Press" title="University of Chicago Press">University of Chicago Press</a>. <a href="ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <bdi>9780226264158</bdi>. Retrieved 2011-04-08.</cite>

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<li id="cite_note-15"><a href="#cite_ref-15">^</a> Constable and Valenzuela, "A Nation of Enemies," p. 170

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<li id="cite_note-DEPRESSION2-16"><a href="#cite_ref-DEPRESSION2_16-0">^</a> <cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20101129004544/http://info.worldbank.org/etools/docs/reducingpoverty/case/24/summary/Chile%20Summary.pdf">"Chile: Successes and Failures in Poverty Eradication"</a> (PDF). Archived from <a rel="nofollow" class="external text" href="http://info.worldbank.org/etools/docs/reducingpoverty/case/24/summary/Chile%20Summary.pdf">the original</a> (PDF) on 2010-11-29. Retrieved 2023-06-29.</cite>

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<li id="cite_note-Cato-Fraser-17"><a href="#cite_ref-Cato-Fraser_17-0">^</a> <cite class="citation web cs1 cs1-prop-unfit"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20160314142857/http://fraseramerica.org/commerce.web/product_files/economicfreedomoftheworld1975-1995.pdf">"Economic Freedom of the World 1970–1995"</a> (PDF). <a href="Cato_Institute" title="Cato Institute">Cato Institute</a> and <a href="Fraser_Institute" title="Fraser Institute">Fraser Institute</a>, 1996. Archived from the original on 2016-03-14.</cite>

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<li id="cite_note-USDoS-18"><a href="#cite_ref-USDoS_18-0">^</a> <cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://2009-2017.state.gov/r/pa/ei/bgn/1981.htm">"Background Note: Chile"</a>. <a href="United_States_Department_of_State" title="United States Department of State">United States Department of State</a>, Bureau of Western Hemisphere Affairs, January 2008.</cite>

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<li id="cite_note-19"><a href="#cite_ref-19">^</a> <cite id="CITEREFBecker1997" class="citation journal cs1"><a href="Gary_Becker" title="Gary Becker">Becker, Gary S.</a> (1997). Robinson, Peter (ed.). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100724040917/http://www.hoover.org/publications/hoover-digest/article/7743">"What Latin America Owes to the "Chicago Boys""</a>. Hoover Digest (4). <a href="ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1088-5161">1088-5161</a>. Archived from <a rel="nofollow" class="external text" href="http://www.hoover.org/publications/hoover-digest/article/7743">the original</a> on 24 July 2010. Retrieved 3 October 2010.</cite>

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<li id="cite_note-WDI-20">^ <a href="#cite_ref-WDI_20-0">a</a> <a href="#cite_ref-WDI_20-1">b</a> <a href="#cite_ref-WDI_20-2">c</a> <a href="#cite_ref-WDI_20-3">d</a> <a href="#cite_ref-WDI_20-4">e</a> World Bank. (April 2010). Washington, DC: World Bank. Statistics retrieved 1 October 2010 from <a rel="nofollow" class="external text" href="http://data.worldbank.org">World Development Indicators database</a>.

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<li id="cite_note-:0-21">^ <a href="#cite_ref-:0_21-0">a</a> <a href="#cite_ref-:0_21-1">b</a> <a href="#cite_ref-:0_21-2">c</a> <cite id="CITEREFKaiser2020" class="citation web cs1">Kaiser, Axel (2020). <a rel="nofollow" class="external text" href="https://www.cato.org/cato-journal/fall-2020/fall-chile">"The Fall of Chile"</a>. <a href="Cato_Journal" title="Cato Journal">Cato Journal</a>.</cite>

</li>

<li id="cite_note-22"><a href="#cite_ref-22">^</a> <cite id="CITEREFFrench-Davis" class="citation book cs1">French-Davis, Ricardo. Economic Reforms in Chile: From Dictatorship to Democracy. Ann Arbor, MI: U Michigan P. p. 188.</cite>

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<li id="cite_note-:1-23">^ <a href="#cite_ref-:1_23-0">a</a> <a href="#cite_ref-:1_23-1">b</a> <a href="#cite_ref-:1_23-2">c</a> <a href="#cite_ref-:1_23-3">d</a> <a href="#cite_ref-:1_23-4">e</a> <a href="#cite_ref-:1_23-5">f</a> <cite id="CITEREFMcGuireFrankel2005" class="citation journal cs1">McGuire, James William; Frankel, Laura B. (2005). "Mortality Decline in Cuba, 1900-1959: Patterns, Comparisons, and Causes". Latin American Research Review. 40 (2): 85.</cite>

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<li id="cite_note-24"><a href="#cite_ref-24">^</a> <cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.theguardian.com/world/2017/jul/19/chile-abortion-mother-rape-life-legalization">"Chile passes bill to legalize abortion in certain cases"</a>. The Guardian. Reuters. 19 July 2017.</cite>

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<li id="cite_note-cnnchile-25"><a href="#cite_ref-cnnchile_25-0">^</a> <cite id="CITEREFSpencer_Feingold2017" class="citation web cs1">Spencer Feingold (3 August 2017). <a rel="nofollow" class="external text" href="http://www.cnn.com/2017/08/03/americas/chile-vote-abortion-ban-eased/index.html">"Chilean lawmakers vote to ease abortion ban"</a>. CNN.</cite>

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<li id="cite_note-:2-26">^ <a href="#cite_ref-:2_26-0">a</a> <a href="#cite_ref-:2_26-1">b</a> <a href="#cite_ref-:2_26-2">c</a> <a href="#cite_ref-:2_26-3">d</a> <cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://pip.worldbank.org/country-profiles/CHL">"Poverty and Inequality Platform"</a>. World Bank Group. 2025. Retrieved 20 July 2025.</cite><code class="cs1-code">{{cite web}}</code>: CS1 maint: url-status (link)

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<li id="cite_note-27"><a href="#cite_ref-27">^</a> Ricardo Ffrench-Davis, Economic Reforms in Chile: From Dictatorship to Democracy, University of Michigan Press, 2002, <a href="ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <bdi>978-0472112326</bdi>, p. 7

</li>

<li id="cite_note-REASON-28">^ <a href="#cite_ref-REASON_28-0">a</a> <a href="#cite_ref-REASON_28-1">b</a> <a rel="nofollow" class="external text" href="http://www.reason.com/news/show/118494.html">Doherty, Brian. The Life and Times of Milton Friedman: Remembering the 20th century’s most influential libertarian. Reason Magazine, March 2007 Print Edition</a> Friedman's 21 April 1975 letter may be found in Milton and Rose Friedman's Two Lucky People and in an <a rel="nofollow" class="external text" href="http://www.cb.cl/newcbcl/Estudios/DetalleE.asp?Id=1297">online Chilean newspaper</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20071031071137/http://www.cb.cl/newcbcl/Estudios/DetalleE.asp?Id=1297">Archived</a> 2007-10-31 at the <a href="Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.

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<li id="cite_note-PBS-29">^ <a href="#cite_ref-PBS_29-0">a</a> <a href="#cite_ref-PBS_29-1">b</a> <a href="#cite_ref-PBS_29-2">c</a> <cite id="CITEREFFriedman2000" class="citation news cs1">Friedman, Milton (10 January 2000). <a rel="nofollow" class="external text" href="https://www.pbs.org/wgbh/commandingheights/shared/minitextlo/ufd_reformliberty_full.html">"Up for Debate: Reform Without Liberty: Chile's Ambiguous Legacy"</a>. <a href="Public_Broadcasting_Service" class="mw-redirect" title="Public Broadcasting Service">PBS</a>. Retrieved 2009-09-29.</cite>

</li>

<li id="cite_note-30"><a href="#cite_ref-30">^</a> <cite id="CITEREFFriedman1992" class="citation journal cs1"><a href="Milton_Friedman" title="Milton Friedman">Friedman, Milton</a> (1992). Friedman, Milton; Szasz, Thomas Stephen (eds.). <a rel="nofollow" class="external text" href="http://www.druglibrary.org/special/friedman/socialist.htm">"The Drug War as a Socialist Enterprise"</a>. Friedman & Szasz on Liberty and Drugs: Essays on the Free Market and Prohibition. Retrieved 3 October 2010.</cite>

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<li id="cite_note-31"><a href="#cite_ref-31">^</a> <cite id="CITEREFMillerHolmesRobertsKim2010" class="citation web cs1 cs1-prop-unfit">Miller, Terry; Holmes, Kim R.; Roberts, James M.; Kim, Anthony B. (2010). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090117021906/http://www.heritage.org/index/country/Chile">"Chile"</a>. 2010 Index of Economic Freedom. New York: The Wall Street Journal & The Heritage Foundation. Archived from the original on January 17, 2009. Retrieved 2 October 2010.</cite>

</li>

</ol></div>

<div class="mw-heading mw-heading2"><h2 id="Sources">Sources</h2></div>

<ul><li> This article incorporates <a href="Copyright_status_of_works_by_the_federal_government_of_the_United_States" title="Copyright status of works by the federal government of the United States">public domain material</a> from <cite class="citation cs1"><a rel="nofollow" class="external text" href="https://www.intelligence.senate.gov/sites/default/files/94chile.pdf">Covert Action in Chile 1963—1973</a> (PDF). Select Committee to Study Governmental Operations with Respect to Intelligence Activities, United States Senate. Retrieved 24 November 2019.</cite></li></ul>

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</style></div><div role="navigation" class="navbox" aria-labelledby="Economy_of_Chile84" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Economy_of_Chile84" style="font-size:114%;margin:0 4em"><a href="Economy_of_Chile" title="Economy of Chile">Economy of Chile</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Economic_history_of_Chile" title="Economic history of Chile">Recent history</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a></li>

<li><a href="2004_Argentine_energy_crisis" title="2004 Argentine energy crisis">2004 gas crisis</a></li>

<li><a href="2000s_commodities_boom#Copper" title="2000s commodities boom">Copper supercycle</a></li>

<li><a href="Aquaculture_in_Chile#Salmon" title="Aquaculture in Chile">2007 salmon crisis</a></li>

<li><a href="Great_Recession" title="Great Recession">Great Recession</a></li>

<li><a href="Red_tide_crisis_in_Chilo%C3%A9" title="Red tide crisis in Chiloé">2016 red tide crisis</a></li>

<li><a href="2019%E2%80%932022_Chilean_protests" title="2019–2022 Chilean protests">2019–2020 Chilean protests</a></li>

<li><a href="COVID-19_pandemic_in_Chile#Impact" title="COVID-19 pandemic in Chile">COVID-19 impact</a></li>

<li><a href="Inflation_in_Chile" title="Inflation in Chile">2021–2022 inflation upsurge</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Sectors</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Agriculture_in_Chile" title="Agriculture in Chile">Agriculture</a></li>

<li><a href="Aquaculture_in_Chile" title="Aquaculture in Chile">Aquaculture</a></li>

<li><a href="List_of_banks_in_Chile" class="mw-redirect" title="List of banks in Chile">Banking</a></li>

<li><a href="Energy_in_Chile" title="Energy in Chile">Energy</a></li>

<li><a href="Fishing_in_Chile" class="mw-redirect" title="Fishing in Chile">Fishing</a></li>

<li><a href="Forestry_in_Chile" title="Forestry in Chile">Forestry</a></li>

<li><a href="Mining_in_Chile" title="Mining in Chile">Mining</a></li>

<li><a href="Telecommunications_in_Chile" title="Telecommunications in Chile">Telecommunications</a></li>

<li><a href="Tourism_in_Chile" title="Tourism in Chile">Tourism</a></li>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Ministry</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Ministry_of_Economy%2C_Development_and_Tourism_(Chile)" class="mw-redirect" title="Ministry of Economy, Development and Tourism (Chile)">Economy, Development and Tourism</a></li>

<li><a href="Ministry_of_Finance_(Chile)" title="Ministry of Finance (Chile)">Finance</a></li>

<li><a href="Ministry_of_Transport_and_Telecommunications" class="mw-redirect" title="Ministry of Transport and Telecommunications">Transport and Telecommunications</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Chilean_peso" title="Chilean peso">Chilean peso</a></li>

<li><a href="Labor_rights_in_Chile" title="Labor rights in Chile">Labour rights</a></li>

<li><a href="List_of_companies_of_Chile" title="List of companies of Chile">List of companies</a></li>

<li><a href="Pensions_in_Chile" title="Pensions in Chile">Pension system</a></li>

<li><a href="Ranked_lists_of_Chilean_regions" title="Ranked lists of Chilean regions">Ranked statistics by region</a></li>

<li><a href="Santiago_Stock_Exchange" title="Santiago Stock Exchange">Stock exchange</a></li>

<li><a href="Transport_in_Chile" title="Transport in Chile">Transport</a></li></ul>

</div></td></tr></tbody></table></div>

<div class="navbox-styles"></div><div role="navigation" class="navbox" aria-labelledby="Economic_miracle_and_tiger_economy113" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Economic_miracle_and_tiger_economy113" style="font-size:114%;margin:0 4em"><a href="Economic_miracle" title="Economic miracle">Economic miracle</a> and <a href="Tiger_economy" title="Tiger economy">tiger economy</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post-World War II</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Wirtschaftswunder" title="Wirtschaftswunder">Austria</a></li>

<li><a href="Belgian_economic_miracle" title="Belgian economic miracle">Belgium</a></li>

<li><a href="Trente_Glorieuses" title="Trente Glorieuses">France</a></li>

<li><a href="Greek_economic_miracle" title="Greek economic miracle">Greece</a></li>

<li><a href="Italian_economic_miracle" title="Italian economic miracle">Italy</a></li>

<li><a href="Japanese_economic_miracle" title="Japanese economic miracle">Japan</a></li>

<li><a href="Mexican_miracle" title="Mexican miracle">Mexico</a></li>

<li><a href="Four_Asian_Tigers" title="Four Asian Tigers">Singapore</a></li>

<li><a href="Miracle_on_the_Han_River" title="Miracle on the Han River">South Korea</a></li>

<li><a href="Spanish_miracle" title="Spanish miracle">Spain</a></li>

<li><a href="Record_years" title="Record years">Sweden</a></li>

<li><a href="Taiwan_Miracle" title="Taiwan Miracle">Taiwan</a></li>

<li><a href="Wirtschaftswunder" title="Wirtschaftswunder">West Germany</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Later years</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Brazilian_Miracle" title="Brazilian Miracle">Brazil</a></li>

<li><a href="Reform_and_opening_up" title="Reform and opening up">China</a></li>

<li><a href="Baltic_Tiger" title="Baltic Tiger">Estonia</a></li>

<li><a href="Economic_development_in_India" title="Economic development in India">India</a></li>

<li><a href="Tiger_Cub_Economies" title="Tiger Cub Economies">Indonesia</a></li>

<li><a href="Celtic_Tiger" title="Celtic Tiger">Ireland</a></li>

<li><a href="Baltic_Tiger" title="Baltic Tiger">Latvia</a></li>

<li><a href="Baltic_Tiger" title="Baltic Tiger">Lithuania</a></li>

<li><a href="Tiger_Cub_Economies" title="Tiger Cub Economies">Malaysia</a></li>

<li><a href="Tiger_Cub_Economies" title="Tiger Cub Economies">Philippines</a></li>

<li><a href="Tatra_Tiger" title="Tatra Tiger">Slovakia</a></li>

<li><a href="Tiger_Cub_Economies" title="Tiger Cub Economies">Thailand</a></li>

<li><a href="Turkish_economic_boom_of_the_2000s" class="mw-redirect" title="Turkish economic boom of the 2000s">Turkey</a></li>

<li>United Arab Emirates

<ul><li><a href="Gulf_Tiger" title="Gulf Tiger">Dubai</a></li></ul></li>

<li>United States

<ul><li><a href="Massachusetts_Miracle" title="Massachusetts Miracle">Massachusetts</a></li></ul></li>

<li><a href="%C4%90%E1%BB%95i_M%E1%BB%9Bi" title="Đổi Mới">Vietnam</a></li></ul>

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