![]() In a short period of time, Chile's economy improved dramatically. These measures resulted in increased economic activity, job creation, and reduced inflation. ![]() ![]() They introduced policies such as privatizing state-owned enterprises, reducing trade barriers, and cutting back on government spending. He proposed that Chile should adopt a market-oriented economic plan, with policies aimed at reducing government intervention in the economy, cutting spending, and liberalizing trade.įriedman's ideas were put into practice by a team of Chilean economists who had trained at the University of Chicago, where Friedman taught. The government was turning to socialist policies that would eventually lead to an economic disaster. (Friedman also had a major influence on the Reagan administration and the incredible economic growth in the 1980s.)Īt the time, Chile was facing hyperinflation, high unemployment, and a major economic crisis. This period marked the success of the Chicago School of Economics in designing economic plans and shaping government policy. He was instrumental in helping Chile recover from a major depression in the 1970s through the implementation of his ideas. Milton Friedman, a Nobel Prize-winning economist, is a hero to many for his advocacy of free-market economics. ![]()
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