Becker, G

=<div>economist Gary Becker has died. Kieran Healy has a great <a href="http://crookedtimber.org/2014/05/04/gary-becker-an-appreciation-by-michel-foucault/" target="blank" style="color: rgb(0, 0, 0);">write-up</a> on Foucault’s engagement with Becker; Kathy Geier has a very smart <a href="http://www.washingtonmonthly.com/political-animal-a/2014_05/rip_gary_becker050194.php" target="blank" style="color: rgb(0, 0, 0);">treatment</a> of, among other things, feminist critiques of Becker’s theory of the family. And some more personal reminiscences of taking a class with Becker.Kathy mentions <a href="http://www.hoover.org/publications/hoover-digest/article/7743" target="blank" style="color: rgb(0, 0, 0);">this article</a> that Becker wrote in 1997 about the Chicago Boys who worked with the Pinochet regime. Becker’s conclusion about that episode? :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.No real surprise there. Many free-marketeers, <a href="http://coreyrobin.com/2012/07/18/when-hayek-met-pinochet/" target="blank" style="color: rgb(0, 0, 0);">including Hayek</a>, either defended the Pinochet regime or defended those who worked with it.But the Becker piece reminded me of that infamous Mont Pelerin Society (MPS) conference in Viña del Mar in 1981, about which <a href="http://coreyrobin.com/2012/07/11/friedrich-del-mar-more-on-hayek-pinochet-and-chile/" target="blank" style="color: rgb(0, 0, 0);">I wrote</a> <a href="http://coreyrobin.com/2012/07/17/the-road-to-vina-del-mar/" target="blank" style="color: rgb(0, 0, 0);">at length</a> <a href="http://coreyrobin.com/2012/07/17/vina-del-mar-a-veritable-international-of-the-free-market-counterrevolution/" target="blank" style="color: rgb(0, 0, 0);">two summers ago</a>. The MPS is an organization of economists, philosophers, and assorted action intellectuals and businessmen dedicated to spreading the free market gospel across the globe. In the late 1970s, at the height of Pinochet’s repression, Hayek and a few grandees from Chile <a href="http://coreyrobin.com/2012/07/17/the-road-to-vina-del-mar/" target="blank" style="color: rgb(0, 0, 0);">began discussions</a>  about holding the MPS’s annual conference in the seaside city where the coup against Allende had been planned. The purpose in meeting there would prove <a href="http://coreyrobin.com/2012/07/17/vina-del-mar-a-veritable-international-of-the-free-market-counterrevolution/" target="blank" style="color: rgb(0, 0, 0);">avowedly propagandist</a>. As the organization’s own newsletter <a href="http://coreyrobin.files.wordpress.com/2012/07/vina-del-mar-2.pdf" target="blank" style="color: rgb(0, 0, 0);">later acknowledged</a>, the conference provided participants with an opportunity:<blockquote style="margin: 0px 0px 15px; padding: 30px 30px 15px 35px; font-family: 'Antwerp Regular', 'Times New Roman', Times, serif; font-size: 14px;">for becoming better acquainted with the land which has had such consistently bad and misrepresenting press coverage (and, perhaps for that reason, it was appropriate to have Reed Irvine, head of Accuracy in Media one of the first speakers in the first session).</blockquote>Becker was <a href="http://coreyrobin.com/2012/07/11/friedrich-del-mar-more-on-hayek-pinochet-and-chile/" target="blank" style="color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">originally</a> targeted or slated to speak on a conference panel titled<a href="http://coreyrobin.files.wordpress.com/2012/07/vina-del-mar-11.pdf" target="blank" style="color: rgb(0, 0, 0);">“Education, Government or Individual Responsibility?”</a> His name appears on an early agenda with a “T” next to it. For “tentative.” But Becker either never confirmed or pulled out. No matter: Milton and Rose Friedman, along with James Buchanan and Gordon Tullock, were there to show the flag — and the calculus of their consent.<div class="entry-bottom" style="margin: 50px 0px 0px;"><div style="font-size: 14px; font-family: 'Antwerp Regular', 'Times New Roman', Times, serif;">=</div><div style="font-size: 14px; font-family: 'Antwerp Regular', 'Times New Roman', Times, serif;"><div class="headline_area" style="padding: 0px; margin: 0px 0px 2.2em; color: rgb(17, 17, 17); font-family: Georgia, 'Times New Roman', Times, serif; font-size: 10px; background-color: rgb(255, 255, 255);"><h1 class="entry-title" style="padding: 0px; margin: 0px; font-size: 2.2em; font-weight: normal; line-height: 1.364em;">Gary Becker, an Appreciation by Michel Foucault</h1>by KIERAN HEALY on <abbr class="published" title="2014-05-04" style="padding: 0px; margin: 0px; line-height: 1em; text-transform: uppercase; letter-spacing: 1px; border-bottom-style: none; cursor: help; font-style: normal;">MAY 4, 2014</abbr></div><div class="format_text entry-content" style="padding: 0px; margin: 0px; font-size: 1.4em; line-height: 1.571em; color: rgb(17, 17, 17); font-family: Georgia, 'Times New Roman', Times, serif;">Gary Becker, University Professor of Economics and Sociology at the University of Chicago, has died at the age of eighty three. I am certainly not going to attempt an obituary or assessment. But something Tim Carmody <a href="https://twitter.com/tcarmody/status/463022768209285120" style="padding: 0px; margin: 0px; color: rgb(102, 0, 0);">said on Twitter</a> caught my eye: “People sometimes talk about ‘neoliberalism’ as a kind of intellectual bogeyman. Gary Becker was the actual guy.” In a somewhat similar way, people sometimes talked about ‘poststructuralism’ as a kind of intellectual bogeyman, and Michel Foucault was the actual guy. It is worth looking at what one avatar had to say about the other. Foucault <a href="http://www.amazon.com/The-Birth-Biopolitics-Lectures-1978--1979/dp/0312203411/" style="padding: 0px; margin: 0px; color: rgb(102, 0, 0);">lectured on Becker and related matters in the late 1970s</a>. One of the things he saw right away was the scope and ambition of Becker’s project, and the conceptual turn—accompanying wider social changes—which would enable economics to become not just a topic of study, like geology or English literature, but rather an “<a href="http://www.amazon.com/The-Economic-Approach-Human-Behavior/dp/0226041123" style="padding: 0px; margin: 0px; color: rgb(102, 0, 0);">approach to human behavior</a>“. Here is Foucault in March of 1979, for instance:<blockquote style="padding: 0px 0px 0px 0.786em; margin: 0px 0px 1.571em 0.786em; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(221, 221, 221); color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">In practice, economic analysis, from Adam Smith to the beginning of the twentieth century, broadly speaking takes as its object the study of the mechanisms of production, the mechanisms of exchange, and the data of consumption within a given social structure, along with the interconnections between these three mechanisms. Now, for the neo-liberals, economic analysis should not consist in the study of these mechanisms, but in the nature and consequences of what they call substitutible choices … In this they return to, or rather put to work, a defintion [from Lionel Robbins] … ‘Economics is the science of human behavior as a relationship between ends and scarce means which have alternative uses’. … Economics is not therefore the analysis of the historical logic of processes [like capital, investment, and production]; it is the analysis of the internal rationality, the strategic programming of individuals’ activity.</blockquote>Then comes the identification not just of the shift in emphasis but also point of view:<blockquote style="padding: 0px 0px 0px 0.786em; margin: 0px 0px 1.571em 0.786em; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(221, 221, 221); color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">This means undertaking the economic analysis of labor. What does bringing labor back into economic analysis mean? It does not mean knowing where labor is situated between, let’s say, capital and production. The problem of bringing labor back into the field of economic analysis … is how the person who works uses the means available to him. … What system of choice and rationality does the activity of work conform to? … So we adopt the point of view of the worker and, for the first time, ensure that the worker is not present in the economic analysis as an object—the object of supply and demand in the form of labor power—but as an active economic subject.</blockquote>At first glance it seems strange to see Foucault emphasize the “active economic subject” here. A standard—indeed, clichéd—critique of Becker’s approach is that economic agents are calculating robots that bear little resemblance to real human beings and that, furthermore, their disembedded and completely systematic choice-making takes us far away from any sort of first-person point of view of labor in the economy. If we want a proper account of economic action on the ground surely we will have to look elsewhere. Wasn’t Marx supposed to have been doing something like this, for example? But Marx inherited the classical economics of Smith and Ricardo, where economic actors divide quite naturally into great classes—workers, capitalists, and landowners—and the problems for analysis are the determination of prices and the dynamics of its decomposition into wages, profits, and rents. Individuals bob around on the waves created by these much larger forces. They are reduced in the analysis to the price of their labor power and the surplus value that can be extracted from it. Foucault emphasizes how Becker and those like him succeeded in providing an economic approach to labor that allowed for the use of existing tools more usually applied to firms, while preserving the emphasis on a unitary actor:<blockquote style="padding: 0px 0px 0px 0.786em; margin: 0px 0px 1.571em 0.786em; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(221, 221, 221); color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">This breakdown of labor into capital and income obviously has some fairly important consequences. First, if capital is thus defined as that which makes a future income possible, this income being a wage, then you can see that it is a capital which in practical terms is inseparable from the person who possesses it … This is not a conception of labor power; it is a conception of capital-ability which, according to diverse variables, receives a certain income that is a wage, an income-wage, so that the worker himself appears as a sort of enterprise for himself. … [The idea is] that the basic element to be deciphered by economic analysis is not so much the individual, or processes and mechanisms, but enterprises. An economy made up of enterprise-units, a society made up of enterprise-units, is at once the principle of decipherment linked to liberalism and its programming for the rationalization of a society and an economy.… The stake in all neo-liberal analyses is the replacement every time of homo economicusas partner of exchange with a homo economicus as entrepreneur of himself, being for himself his own capital, being for himself his own producer, being for himself the source of his earnings. … So, we arrive at this idea that the wage is nothing other than the remuneration, the income allocated to a certain capital, a capital that we will call human capital inasmuch as the ability-machine of which it is the income cannot be separated from the human individual who is its bearer. … In other words, the neo-liberals say that labor was in principle part of economic analysis, but the way in which classical economic analysis was conducted was incapable of dealing with this element. Good, we do deal with it. And when we make this analysis, and do so in the terms I have just described, they are led to study how human capital is formed and accumulated, and this enables them to apply economic analyses to completely new fields and domains.</blockquote>The shifts in focus Foucault picks out here, and the concepts and methods that accompanied them, are why Becker’s influence has been so enormous, why his work has been the straw man in so many social science articles, why his methods allow for such broad application, why the imagery of choice and responsibility that so often accompanies them has proved so politically attractive, why the world is now full of economists who feel empowered to dispense advice on everything from childrearing to global climate change, and why the audience for this advice is so large.One of the pleasing things about reading Foucault on Becker is the way he refuses to let his Parisian audience settle in to a dismissive reaction. He scolds them about finding an economic analysis of the family amusing by reminding them of Pierre Rivière’s description of his peasant parents’ marriage. (“I will work on your field, the man says to the woman, but on condition that I can make love with you. And the woman says: You will not make love with me so long as you have not fed my chickens.”) And a little later in connection with Becker’s analysis of crime we find this:<blockquote style="padding: 0px 0px 0px 0.786em; margin: 0px 0px 1.571em 0.786em; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(221, 221, 221); color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">In his article “Crime and Punishment” Becker gives this definition of crime: I call crime any action that makes the individual run the risk of being condemned to a penalty. [Some laughter.] I am surprised you laugh, because it is after all very roughly the definition of crime given by the French penal code, and so of the codes inspired by it, since you are well aware how the code defines a criminal offence: a criminal offence is that which is punished by correctional penalties. … The crime is that which is punished by the law, and that’s all there is to it. So, you can see the neo-liberals’ definition is very close.</blockquote>Here we see Michel Foucault using the work of Gary Becker to remind an audience at the Collège de France about a central insight of Èmile Durkheim. It’s a funny image. But again, he emphasizes the vital shift:<blockquote style="padding: 0px 0px 0px 0.786em; margin: 0px 0px 1.571em 0.786em; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(221, 221, 221); color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">It is very close with, however, as you can see, a difference, which is a difference in point of view, since while avoiding giving a substantive definition of the crime, the code adopts the point of view of the act and asks what this act is, in short, how to characterize an act which we can call criminal, that is to say, which is punished precisely as a crime. It is the point of view of the act, a kind of operational characterization, as it were, which can be employed by the judge … You can see it is the same definition when the neo-liberals say that a crime is any action which makes an individual run the risk of being sentenced to a penalty, but the point of view has changed. We now adopt the point of view of the person who commits the crime … We ask: What is the crime for him, for the subject of an action, for the subject of a form of conduct or behavior? Well, it is whatever puts him at risk of punishment.You can see this is basically the same kind of shift of point of view as that carried out with regard to human capital and work. Last week I tried to show you how the neo-liberals tried to address the problem of work from the point of view of the person who decides to work rather than from the point of view of capital or of economic mechanisms. Here again we move over to the side of the individual subject, but doing this does not involve throwing psychological knowledge or an anthropological content into the analysis … We only move over to the side of the subject himself inasmuch as … we can approach it through the angle, through the aspect, the kind of network of intelligibility, of his behavior as economic behavior.</blockquote>More than any other single person, Gary Becker was associated with and responsible for propelling that shift in perspective, and all that has flowed from it for the social sciences and their engagement with the world.</div></div><div style="font-size: 14px; font-family: 'Antwerp Regular', 'Times New Roman', Times, serif;">
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</div><div style="font-size: 14px; font-family: 'Antwerp Regular', 'Times New Roman', Times, serif;"><ul style="margin: 0px 0px 20px -12px; padding: 0px; outline: 0px; list-style: none; font-family: arial; font-size: 15px; line-height: 20px; text-align: justify; background-color: rgb(255, 255, 255);"><li style="margin: 0px 0px 15px 30px; padding: 0px; outline: 0px; list-style: disc;"><a id="dd_start" style="font-weight: bold; color: red; outline: 0px; margin: 0px; padding: 0px; float: left; clear: both;">nly accepted,” according to a 2003 </a><a href="http://www.nytimes.com/2003/08/03/magazine/probability-that-real-estate-agent-cheating-you-other-riddles-modern-life.html?pagewanted=print&src=pm" style="text-decoration: none; font-weight: bold; color: red; outline: 0px; margin: 0px; padding: 0px;">New York Times Magazine profile</a>—a stance that helped land him a tenured job at the University of Chicago.</li><li style="margin: 0px 0px 15px 30px; padding: 0px; outline: 0px; list-style: disc;">At the University of Chicago, Levitt's mentor was Gary Becker, another of the “Chicago Boys” who <a href="http://www.hoover.org/publications/hoover-digest/article/7743" style="text-decoration: none; font-weight: bold; color: red; outline: 0px; margin: 0px; padding: 0px;">supported Chilean dictator Augusto Pinochet</a>. Gary Becker developed the theory of “human capital” which treats human labor as just another resource to extract profit from. Levitt's mentor also proposed the creation of a <a href="http://voices.washingtonpost.com/shortstack/2009/10/nobel_prize-winning_economist.html" style="text-decoration: none; font-weight: bold; color: red; outline: 0px; margin: 0px; padding: 0px;">deregulated human-organ commodities</a> exchange, arguing that it would actually help the poor. <a href="http://www.freakonomics.com/2011/04/13/gary-becker-takes-your-questions/" style="text-decoration: none; font-weight: bold; color: red; outline: 0px; margin: 0px; padding: 0px;">Levitt said of Becker</a>, "More than any other economist, he has been my inspiration and role model."</li></ul></div><div style="font-size: 14px; font-family: 'Antwerp Regular', 'Times New Roman', Times, serif;"></div><div style="font-size: 14px; font-family: 'Antwerp Regular', 'Times New Roman', Times, serif;">
</div><div>https://en.wikipedia.org/wiki/Chicago_Boys</div><div>
</div><div>The Chicago Boys (c. 1970s) were a group of young male, mostly <a href="https://en.wikipedia.org/wiki/Chile" title="Chile" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-color: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">Chilean</a> <a href="https://en.wikipedia.org/wiki/Economics" title="Economics" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-color: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">economists</a>, the majority of whom trained at the Department of Economics of the <a href="https://en.wikipedia.org/wiki/University_of_Chicago" title="University of Chicago" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-color: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">University of Chicago</a> under <a href="https://en.wikipedia.org/wiki/Milton_Friedman" title="Milton Friedman" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial; background-color: rgb(255, 255, 102);">Milton Friedman</a> and <a href="https://en.wikipedia.org/wiki/Arnold_Harberger" title="Arnold Harberger" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-color: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">Arnold Harberger</a>, or at its affiliate in the economics department at the <a href="https://en.wikipedia.org/wiki/Pontificia_Universidad_Cat%C3%B3lica_de_Chile" title="Pontificia Universidad Católica de Chile" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-color: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">Pontifical Catholic University of Chile</a>. Upon their return to Latin America they adopted positions in numerous <a href="https://en.wikipedia.org/wiki/CIA" title="CIA" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-color: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">CIA</a>-backed right-wing <a href="https://en.wikipedia.org/wiki/South_American" title="South American" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-color: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">South American</a> governments as economic advisors, many of them reaching high positions.<a href="https://en.wikipedia.org/wiki/Chicago_Boys#cite_note-1" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[1]</a>
<div id="toc" class="toc" style="border: 1px solid rgb(170, 170, 170); border-image-source: initial; border-image-slice: initial; border-image-width: initial; border-image-outset: initial; border-image-repeat: initial; padding: 7px; display: table; zoom: 1; color: rgb(37, 37, 37); background-color: rgb(249, 249, 249);"><div id="toctitle" style="direction: ltr; text-align: center;"><h2 style="color: black; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border: none; display: inline; line-height: 1.3; background: none;">Contents</h2>  [<a href="https://en.wikipedia.org/wiki/Chicago_Boys#" id="togglelink" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">hide</a>] </div><ul style="list-style-type: none; margin: 0.3em 0px; padding: 0px; list-style-image: none;"><li class="toclevel-1 tocsection-1" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Chicago_Boys#History" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">1 History</a></li><li class="toclevel-1 tocsection-2" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Chicago_Boys#Key_Chicago_Boys" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">2 Key Chicago Boys</a><ul style="list-style-type: none; margin: 0px 0px 0px 2em; padding: 0px; list-style-image: none;"><li class="toclevel-2 tocsection-3" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Chicago_Boys#Chile" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">2.1 Chile</a></li><li class="toclevel-2 tocsection-4" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Chicago_Boys#Elsewhere_in_Latin_America" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">2.2 Elsewhere in Latin America</a></li></ul></li><li class="toclevel-1 tocsection-5" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Chicago_Boys#See_also" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">3 See also</a></li><li class="toclevel-1 tocsection-6" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Chicago_Boys#Notes" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">4 Notes</a></li><li class="toclevel-1 tocsection-7" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Chicago_Boys#References" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">5 References</a></li><li class="toclevel-1 tocsection-8" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Chicago_Boys#Further_reading" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">6 Further reading</a></li><li class="toclevel-1 tocsection-9" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Chicago_Boys#External_links" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">7 External links</a></li></ul></div><h2 style="font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(170, 170, 170); line-height: 1.3; background-image: none; background-attachment: initial; background-color: rgb(255, 255, 255); background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">History[<a href="https://en.wikipedia.org/w/index.php?title=Chicago_Boys&action=edit&section=1" title="Edit section: History" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">edit</a>]</h2>The term Chicago Boys has been used at least as early as the 1980s<a href="https://en.wikipedia.org/wiki/Chicago_Boys#cite_note-GaryBecker-2" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[2]</a> to describe Latin American economists who studied or identified with the neoliberal economic theories then taught at the <a href="https://en.wikipedia.org/wiki/University_of_Chicago" title="University of Chicago" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">University of Chicago</a>, even though some of them earned degrees at Harvard or MIT (see below). "Chicago boys generally advocated widespread deregulation, privatization, and other free market policies for closely controlled economies. They rose to fame as leaders of the early reforms initiated in Chile during the rule of General Augusto Pinochet."<a href="https://en.wikipedia.org/wiki/Chicago_Boys#cite_note-GaryBecker-2" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[2]</a> 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" ... and appointed several of them to powerful positions in the government.<a href="https://en.wikipedia.org/wiki/Chicago_Boys#cite_note-3" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[3]</a>The training program was the result of a "Chile Project" organized in the 1950s by the <a href="https://en.wikipedia.org/wiki/U.S.State_Department" title="U.S. State Department" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">U.S. State Department</a>, through the <a href="https://en.wikipedia.org/wiki/Point_Four_program" title="Point Four program" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">Point Four program</a>, the first US program for international economic development. It was funded by the <a href="https://en.wikipedia.org/wiki/Ford_Foundation" title="Ford Foundation" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">Ford Foundation</a> and the <a href="https://en.wikipedia.org/wiki/Rockefeller_Foundation" title="Rockefeller Foundation" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">Rockefeller Foundation</a> aimed at influencing Chilean economic thinking. The University of Chicago’s Department of Economics set up scholarship programs with Chile’s Catholic University. 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.The project was uneventful until the early 1970s. 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 <a href="https://en.wikipedia.org/wiki/El_ladrillo" title="El ladrillo" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">El ladrillo</a> ("the brick").<a href="https://en.wikipedia.org/wiki/Chicago_Boys#cite_note-4" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background-image: none; background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">[4]</a> It was presented 1969 as part of <a href="https://en.wikipedia.org/wiki/Jorge_Alessandri" title="Jorge Alessandri" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">Jorge Alessandri</a>'s (unsuccessful) presidential candidacy. Alessandri rejected El ladrillo, but it was revisited after the <a href="https://en.wikipedia.org/wiki/1973_Chilean_coup_d%27%C3%A9tat" title="1973 Chilean coup d'état" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">1973 Chilean coup d'état</a> on 11 September 1973 brought <a href="https://en.wikipedia.org/wiki/Augusto_Pinochet" title="Augusto Pinochet" style="text-decoration: none; color: rgb(11, 0, 128); background-image: none; background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">Augusto Pinochet</a> to power, and it became the basis of the new regime's economic policy.Even though the "Chile Project" ended, the training connection between Chile and the University of Chicago continues. 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).The term continues to be used in popular culture, business magazines (see external links).<h2 style="font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(170, 170, 170); line-height: 1.3; background-image: none; background-attachment: initial; background-color: rgb(255, 255, 255); background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">Key Chicago Boys[<a href="https://en.wikipedia.org/w/index.php?title=Chicago_Boys&action=edit&section=2" title="Edit section: Key Chicago Boys" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">edit</a>]</h2><h3 style="margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom-style: none; line-height: 1.6; background-image: none; background-attachment: initial; background-color: rgb(255, 255, 255); background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">Chile<span class="mw-editsection" style="-webkit-user-select: none; font-weight: normal; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate;">[<a href="https://en.wikipedia.org/w/index.php?title=Chicago_Boys&action=edit&section=3" title="Edit section: Chile" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">edit</a>]</h3>Some of the more than 100 Chilean "Chicago Boys" are or were:<ul style="margin: 0.3em 0px 0px 1.6em; padding: 0px; list-style-image: url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20version%3D%221.1%22%20width%3D%225%22%20height%3D%2213%22%3E%0A%3Ccircle%20cx%3D%222.5%22%20cy%3D%229.5%22%20r%3D%222.5%22%20fill%3D%22%2300528c%22%2F%3E%0A%3C%2Fsvg%3E%0A); color: rgb(37, 37, 37); line-height: 22.3999996185303px; background-color: rgb(255, 255, 255);"><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/w/index.php?title=Jorge_Cauas&action=edit&redlink=1" class="new" title="Jorge Cauas (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Jorge Cauas</a> Minister of Finance (1975–1977)</li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Sergio_de_Castro(economist)" title="Sergio de Castro (economist)" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Sergio de Castro</a> Minister of Finance (1977–1982)</li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/w/index.php?title=Carlos_Massad&action=edit&redlink=1" class="new" title="Carlos Massad (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Carlos Massad</a> Comisión Económica para América Latina(Cepal) (1974-1992), World Bank (1978-1981), Central Bank of Chile 1996-2003</li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/w/index.php?title=Ernesto_Fontaine&action=edit&redlink=1" class="new" title="Ernesto Fontaine (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Ernesto Fontaine</a> Professor at the Faculty of Economics and Administration <a href="https://en.wikipedia.org/wiki/Pontificia_Universidad_Cat%C3%B3lica_de_Chile" title="Pontificia Universidad Católica de Chile" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Pontificia Universidad Católica de Chile</a>,returned to Chile financed by the <a href="https://en.wikipedia.org/wiki/Inter_American_Development_Bank" title="Inter American Development Bank" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Inter American Development Bank</a> in 1976, chief of the "external financing unit" of the Organization of American States (OAS)where he organized a Technical Assistance Program which trained teams of public officials in Project Preparation and Social Evaluation,<a href="https://en.wikipedia.org/wiki/Chicago_Boys#cite_note-5" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[5]</a> World Bank consultant, Organization for Economic Co-operation and Development (OECD) died 1/20/2014 of lung cancer</li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/w/index.php?title=Pablo_Barahona&action=edit&redlink=1" class="new" title="Pablo Barahona (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Pablo Barahona</a> (Minister of Economy, 1976–1979)</li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Jos%C3%A9_Pi%C3%B1era" title="José Piñera" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">José Piñera</a> (Minister of Labor and Pensions, 1978–1980, Minister of Mining, 1980–1981) (although his PhD is from <a href="https://en.wikipedia.org/wiki/Harvard" title="Harvard" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Harvard</a>)</li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Hern%C3%A1n_B%C3%BCchi" title="Hernán Büchi" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Hernán Büchi</a> Minister of Finance, 1985–1989, MBA at <a href="https://en.wikipedia.org/wiki/Columbia_University" title="Columbia University" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Columbia University</a></li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/w/index.php?title=Alvaro_Bard%C3%B3n&action=edit&redlink=1" class="new" title="Alvaro Bardón (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Alvaro Bardón</a> (Minister of Economy, 1982–1983)</li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/w/index.php?title=Juan_Carlos_M%C3%A9ndez&action=edit&redlink=1" class="new" title="Juan Carlos Méndez (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Juan Carlos Méndez</a> (Budget Director, 1975–1981)</li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/w/index.php?title=Emilio_Sanfuentes&action=edit&redlink=1" class="new" title="Emilio Sanfuentes (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Emilio Sanfuentes</a> (Economic advisor to Central Bank)</li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/w/index.php?title=Sergio_de_la_Cuadra&action=edit&redlink=1" class="new" title="Sergio de la Cuadra (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Sergio de la Cuadra</a> (Minister of Finance, 1982–1983)</li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/w/index.php?title=Francisco_Rosende&action=edit&redlink=1" class="new" title="Francisco Rosende (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Francisco Rosende</a>Research Manager, Central Bank of Chile (1985 and 1990, Antitrust Commission (1999 and 2001), Dean and professor of economics, Faculty of Business and Economy of PUC since 1995.<a href="https://en.wikipedia.org/wiki/Chicago_Boys#cite_note-6" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[6]</a></li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Miguel_Kast" title="Miguel Kast" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Miguel Kast</a> Minister of Planning (1978–1980), Labor Minister (1980-82), Governor of the Central Bank of Chile (1982–83).</li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/w/index.php?title=Mart%C3%ADn_Costabal&action=edit&redlink=1" class="new" title="Martín Costabal (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Martín Costabal</a> (Budget Director, 1987–1989)</li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/w/index.php?title=Juan_Arizt%C3%ADa_Matte&action=edit&redlink=1" class="new" title="Juan Ariztía Matte (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Juan Ariztía Matte</a> (Private Pension System Superintendent, 1980–1990)</li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/w/index.php?title=Maria_Teresa_Infante&action=edit&redlink=1" class="new" title="Maria Teresa Infante (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Maria Teresa Infante</a> (Minister of Labor 1988–1990)</li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/w/index.php?title=Camilo_Carrasco_Alfonso&action=edit&redlink=1" class="new" title="Camilo Carrasco Alfonso (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Camilo Carrasco Alfonso</a> (General Manager of Central Bank, 1994-2005)</li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Joaqu%C3%ADn_Lav%C3%ADn" title="Joaquín Lavín" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Joaquín Lavín</a> (Minister of Education, 2010–2011, Minister of Planning 2011–present)</li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/w/index.php?title=Cristi%C3%A1n_Larroulet_Vignau&action=edit&redlink=1" class="new" title="Cristián Larroulet Vignau (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Cristián Larroulet Vignau</a> Chief of Staff of the Finance Minister, member of National Commission for Privatization, Head of Antitrust Commission, Minister of General Secretariat to the Presidency [SEGPRES], 2010–present), Executive Director at Libertad y Desarrollo, a private think tank, Dean and professor of economics, Faculty of Business and Economy at Universidad Del Desarrollo (UDD) Santiago, Chile, member of Board of several public enterprises, member of the <a href="https://en.wikipedia.org/w/index.php?title=Mount_Pelerin_Society&action=edit&redlink=1" class="new" title="Mount Pelerin Society (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Mount Pelerin Society</a>.<a href="https://en.wikipedia.org/wiki/Chicago_Boys#cite_note-7" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[7]</a></li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Juan_Andr%C3%A9s_Fontaine_Talavera" title="Juan Andrés Fontaine Talavera" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Juan Andrés Fontaine</a> (Minister of Economy, 2010–2011)</li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/w/index.php?title=Francisco_Perez_Mackenna&action=edit&redlink=1" class="new" title="Francisco Perez Mackenna (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Francisco Perez Mackenna</a> Chief Executive Officer of <a href="https://en.wikipedia.org/w/index.php?title=Quinenco&action=edit&redlink=1" class="new" title="Quinenco (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Quinenco</a> since 1998, one of Chile’s largest conglomerates, assets of over US$33.1 billion, industrial and financial services companies. Director of many Quinenco group companies, including Banco de Chile, Madeco, CCU, Inversiones y Rentas, LQIF, ECUSA, CCU Argentina and Banchile Corretores de Bolsa, and Advisor to the Board of Vina San Pedro Tarapaca.1991-1998, CEO of CCU. Universidad Catolica de Chile, major in Business Administration. MBA from University of Chicago.<a href="https://en.wikipedia.org/wiki/Chicago_Boys#cite_note-8" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[8]</a></li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Jose_de_Gregorio" title="Jose de Gregorio" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Jose de Gregorio</a> Governor of the Central Bank of Chile since 2007. Vice-Governor from 12/2003-12/2007, member of the Bank's Board from 6/2001. 2000- 2001 “tri-minister” of Economy, Mining and Energy. 1997-2000 professor at the Universidad de Chile and Universidad Católica. Before 1997 Coordinator of Economic Policy at Ministry of Finance and economist research department International Monetary Fund, degree in civil engineering and master’s degree in engineering from University of Chile (1984), PhD in Economics from <a href="https://en.wikipedia.org/wiki/MIT" title="MIT" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">MIT</a> 1990.</li></ul><h3 style="margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom-style: none; line-height: 1.6; background-image: none; background-attachment: initial; background-color: rgb(255, 255, 255); background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">Elsewhere in Latin America<span class="mw-editsection" style="-webkit-user-select: none; font-weight: normal; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate;">[<a href="https://en.wikipedia.org/w/index.php?title=Chicago_Boys&action=edit&section=4" title="Edit section: Elsewhere in Latin America" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">edit</a>]</h3>Although the largest and most influential group of so-called Chicago Boys was Chilean in origin, there were many <a href="https://en.wikipedia.org/wiki/Latin_America" title="Latin America" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Latin American</a> graduates from the University of Chicago around the same period. These economists continued to shape the economies of their respective countries, and include people like <a href="https://en.wikipedia.org/wiki/Mexico" title="Mexico" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Mexico</a>'s <a href="https://en.wikipedia.org/wiki/Francisco_Gil_D%C3%ADaz" title="Francisco Gil Díaz" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Francisco Gil Díaz</a>, <a href="https://en.wikipedia.org/w/index.php?title=Fernando_Sanchez_Ugarte&action=edit&redlink=1" class="new" title="Fernando Sanchez Ugarte (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Fernando Sanchez Ugarte</a>, <a href="https://en.wikipedia.org/w/index.php?title=Carlos_Isoard_y_Viesca&action=edit&redlink=1" class="new" title="Carlos Isoard y Viesca (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Carlos Isoard y Viesca</a>, <a href="https://en.wikipedia.org/wiki/Argentina" title="Argentina" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Argentina</a>'s <a href="https://en.wikipedia.org/wiki/Domingo_Cavallo" title="Domingo Cavallo" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Domingo Cavallo</a>, <a href="https://en.wikipedia.org/wiki/Adolfo_Diz" title="Adolfo Diz" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Adolfo Diz</a>, <a href="https://en.wikipedia.org/wiki/Roque_Fern%C3%A1ndez" title="Roque Fernández" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Roque Fernández</a>, <a href="https://en.wikipedia.org/wiki/Carlos_Alfredo_Rodr%C3%ADguez" title="Carlos Alfredo Rodríguez" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Carlos Alfredo Rodríguez</a>, Fernando de Santibañez and <a href="https://en.wikipedia.org/wiki/Ricardo_Lopez_Murphy" title="Ricardo Lopez Murphy" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Ricardo Lopez Murphy</a>, as well as others in <a href="https://en.wikipedia.org/wiki/Brazil" title="Brazil" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Brazil</a>, <a href="https://en.wikipedia.org/wiki/Peru" title="Peru" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Peru</a>, <a href="https://en.wikipedia.org/wiki/Colombia" title="Colombia" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Colombia</a>, <a href="https://en.wikipedia.org/wiki/Uruguay" title="Uruguay" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Uruguay</a>,<a href="https://en.wikipedia.org/wiki/Costa_Rica" title="Costa Rica" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Costa Rica</a>, and <a href="https://en.wikipedia.org/wiki/Panama" title="Panama" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Panama</a>.<h2 style="font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(170, 170, 170); line-height: 1.3; background-image: none; background-attachment: initial; background-color: rgb(255, 255, 255); background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">See also[<a href="https://en.wikipedia.org/w/index.php?title=Chicago_Boys&action=edit&section=5" title="Edit section: See also" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">edit</a>]</h2><ul style="margin: 0.3em 0px 0px 1.6em; padding: 0px; list-style-image: url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20version%3D%221.1%22%20width%3D%225%22%20height%3D%2213%22%3E%0A%3Ccircle%20cx%3D%222.5%22%20cy%3D%229.5%22%20r%3D%222.5%22%20fill%3D%22%2300528c%22%2F%3E%0A%3C%2Fsvg%3E%0A); color: rgb(37, 37, 37); line-height: 22.3999996185303px; background-color: rgb(255, 255, 255);"><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Miracle_of_Chile" title="Miracle of Chile" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Miracle of Chile</a></li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Berkeley_Mafia" title="Berkeley Mafia" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Berkeley Mafia</a></li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Jeffrey_Sachs" title="Jeffrey Sachs" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Jeffrey Sachs</a></li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/John_Perkins(author)" title="John Perkins (author)" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">John Perkins</a></li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Augusto_Pinochet" title="Augusto Pinochet" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Augusto Pinochet</a></li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Universidad_del_Desarrollo" title="Universidad del Desarrollo" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Universidad del Desarrollo</a></li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/The_Shock_Doctrine:The_Rise_of_Disaster_Capitalism" title="The Shock Doctrine: The Rise of Disaster Capitalism" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">The Shock Doctrine</a></li></ul><h2 style="font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(170, 170, 170); line-height: 1.3; background-image: none; background-attachment: initial; background-color: rgb(255, 255, 255); background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">Notes[<a href="https://en.wikipedia.org/w/index.php?title=Chicago_Boys&action=edit&section=6" title="Edit section: Notes" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">edit</a>]</h2><h2 style="font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(170, 170, 170); line-height: 1.3; background-image: none; background-attachment: initial; background-color: rgb(255, 255, 255); background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;"><a href="https://en.wikipedia.org/wiki/Chicago_Boys#cite_ref-1" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="cite-accessibility-label" style="top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; -webkit-user-select: none; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important; display: inline !important;">Jump up</a>References[<a href="https://en.wikipedia.org/w/index.php?title=Chicago_Boys&action=edit&section=7" title="Edit section: References" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">edit</a>]</h2><div class="reflist" style="margin-bottom: 0.5em; color: rgb(37, 37, 37); list-style-type: decimal; background-color: rgb(255, 255, 255);"><ol class="references" style="margin: 0.3em 0px 0.5em 3.2em; padding: 0px; list-style-image: none; list-style-type: inherit;"><li id="cite_note-1" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Chicago_Boys#cite_ref-1" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">^{</a> }Naomi Klein, 2007, The Shock Doctrine: The Rise of Disaster Capitalism</li><li id="cite_note-GaryBecker-2" style="margin-bottom: 0.1em;">^ <a href="https://en.wikipedia.org/wiki/Chicago_Boys#cite_ref-GaryBecker_2-0" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="cite-accessibility-label" style="top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important; -webkit-user-select: none;">Jump up to:a</a> <a href="https://en.wikipedia.org/wiki/Chicago_Boys#cite_ref-GaryBecker_2-1" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">b</a> Gary S. Becker (1997-10-30). <a rel="nofollow" class="external text" href="http://www.hoover.org/publications/hoover-digest/article/7743" style="text-decoration: none; color: rgb(102, 51, 102); padding-right: 13px; background: linear-gradient(transparent, transparent) 100% 50% no-repeat, url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20width%3D%2210%22%20height%3D%2210%22%3E%3Cg%20transform%3D%22translate%28-826.429%20-698.791%29%22%3E%3Crect%20width%3D%225.982%22%20height%3D%225.982%22%20x%3D%22826.929%22%20y%3D%22702.309%22%20fill%3D%22%23fff%22%20stroke%3D%22%2306c%22%2F%3E%3Cg%3E%3Cpath%20d%3D%22M831.194%20698.791h5.234v5.391l-1.571%201.545-1.31-1.31-2.725%202.725-2.689-2.689%202.808-2.808-1.311-1.311z%22%20fill%3D%22%2306f%22%2F%3E%3Cpath%20d%3D%22M835.424%20699.795l.022%204.885-1.817-1.817-2.881%202.881-1.228-1.228%202.881-2.881-1.851-1.851z%22%20fill%3D%22%23fff%22%2F%3E%3C%2Fg%3E%3C%2Fg%3E%3C%2Fsvg%3E) 100% 50%;">"What Latin America Owes to the "Chicago Boys""</a>. Hoover Digest. Stanford University. Retrieved 2012-11-14.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChicago+Boys&rft.au=Gary+S.+Becker&rft.aulast=Gary+S.+Becker&rft.btitle=What+Latin+America+Owes+to+the+%22Chicago+Boys%22&rft.date=1997-10-30&rft.genre=book&rft_id=http%3A%2F%2Fwww.hoover.org%2Fpublications%2Fhoover-digest%2Farticle%2F7743&rft.pub=Hoover+Digest.+Stanford+University&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988" /></li><li id="cite_note-3" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Chicago_Boys#cite_ref-3" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="cite-accessibility-label" style="top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important; -webkit-user-select: none;">Jump up^{</a> }Two Lucky People: Memoirs. Milton Friedman and Rose D. Friedman. University of Chicago Press, 1998. p. 398.</li><li id="cite_note-4" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Chicago_Boys#cite_ref-4" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="cite-accessibility-label" style="top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important; -webkit-user-select: none;">Jump up^{</a> }El Ladrillo. Bases de la política económica del gobierno militar chileno.Santiago: CEP 2nd edition1992</li><li id="cite_note-5" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Chicago_Boys#cite_ref-5" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="cite-accessibility-label" style="top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important; -webkit-user-select: none;">Jump up^{</a> }<a rel="nofollow" class="external text" href="http://www.labgbooth.org/conference/speakers/2" style="text-decoration: none; color: rgb(102, 51, 102); padding-right: 13px; background: linear-gradient(transparent, transparent) 100% 50% no-repeat, url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20width%3D%2210%22%20height%3D%2210%22%3E%3Cg%20transform%3D%22translate%28-826.429%20-698.791%29%22%3E%3Crect%20width%3D%225.982%22%20height%3D%225.982%22%20x%3D%22826.929%22%20y%3D%22702.309%22%20fill%3D%22%23fff%22%20stroke%3D%22%2306c%22%2F%3E%3Cg%3E%3Cpath%20d%3D%22M831.194%20698.791h5.234v5.391l-1.571%201.545-1.31-1.31-2.725%202.725-2.689-2.689%202.808-2.808-1.311-1.311z%22%20fill%3D%22%2306f%22%2F%3E%3Cpath%20d%3D%22M835.424%20699.795l.022%204.885-1.817-1.817-2.881%202.881-1.228-1.228%202.881-2.881-1.851-1.851z%22%20fill%3D%22%23fff%22%2F%3E%3C%2Fg%3E%3C%2Fg%3E%3C%2Fsvg%3E) 100% 50%;">"Latin American Business Group at Chicago Booth School of Business (Latam Group)Speaker Profile"</a>. Retrieved 2014-01-26.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChicago+Boys&rft.btitle=Latin+American+Business+Group+at+Chicago+Booth+School+of+Business+%28Latam+Group%29Speaker+Profile&rft.genre=book&rft_id=http%3A%2F%2Fwww.labgbooth.org%2Fconference%2Fspeakers%2F2&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988" /></li><li id="cite_note-6" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Chicago_Boys#cite_ref-6" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="cite-accessibility-label" style="top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important; -webkit-user-select: none;">Jump up^{</a> }<a rel="nofollow" class="external text" href="http://www.labgbooth.org/conference/speakers/24" style="text-decoration: none; color: rgb(102, 51, 102); padding-right: 13px; background: linear-gradient(transparent, transparent) 100% 50% no-repeat, url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20width%3D%2210%22%20height%3D%2210%22%3E%3Cg%20transform%3D%22translate%28-826.429%20-698.791%29%22%3E%3Crect%20width%3D%225.982%22%20height%3D%225.982%22%20x%3D%22826.929%22%20y%3D%22702.309%22%20fill%3D%22%23fff%22%20stroke%3D%22%2306c%22%2F%3E%3Cg%3E%3Cpath%20d%3D%22M831.194%20698.791h5.234v5.391l-1.571%201.545-1.31-1.31-2.725%202.725-2.689-2.689%202.808-2.808-1.311-1.311z%22%20fill%3D%22%2306f%22%2F%3E%3Cpath%20d%3D%22M835.424%20699.795l.022%204.885-1.817-1.817-2.881%202.881-1.228-1.228%202.881-2.881-1.851-1.851z%22%20fill%3D%22%23fff%22%2F%3E%3C%2Fg%3E%3C%2Fg%3E%3C%2Fsvg%3E) 100% 50%;">"Latin American Business Group at Chicago Booth School of Business (Latam Group)Speaker Profile"</a>. Retrieved 2014-01-26.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChicago+Boys&rft.btitle=Latin+American+Business+Group+at+Chicago+Booth+School+of+Business+%28Latam+Group%29Speaker+Profile&rft.genre=book&rft_id=http%3A%2F%2Fwww.labgbooth.org%2Fconference%2Fspeakers%2F24&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988" /></li><li id="cite_note-7" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Chicago_Boys#cite_ref-7" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="cite-accessibility-label" style="top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important; -webkit-user-select: none;">Jump up^{</a> }<a rel="nofollow" class="external text" href="http://www.labgbooth.org/conference/speakers/23" style="text-decoration: none; color: rgb(102, 51, 102); padding-right: 13px; background: linear-gradient(transparent, transparent) 100% 50% no-repeat, url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20width%3D%2210%22%20height%3D%2210%22%3E%3Cg%20transform%3D%22translate%28-826.429%20-698.791%29%22%3E%3Crect%20width%3D%225.982%22%20height%3D%225.982%22%20x%3D%22826.929%22%20y%3D%22702.309%22%20fill%3D%22%23fff%22%20stroke%3D%22%2306c%22%2F%3E%3Cg%3E%3Cpath%20d%3D%22M831.194%20698.791h5.234v5.391l-1.571%201.545-1.31-1.31-2.725%202.725-2.689-2.689%202.808-2.808-1.311-1.311z%22%20fill%3D%22%2306f%22%2F%3E%3Cpath%20d%3D%22M835.424%20699.795l.022%204.885-1.817-1.817-2.881%202.881-1.228-1.228%202.881-2.881-1.851-1.851z%22%20fill%3D%22%23fff%22%2F%3E%3C%2Fg%3E%3C%2Fg%3E%3C%2Fsvg%3E) 100% 50%;">"Latin American Business Group at Chicago Booth School of Business (Latam Group) Speaker Profile"</a>. Retrieved 2014-01-26.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChicago+Boys&rft.btitle=Latin+American+Business+Group+at+Chicago+Booth+School+of+Business+%28Latam+Group%29+Speaker+Profile&rft.genre=book&rft_id=http%3A%2F%2Fwww.labgbooth.org%2Fconference%2Fspeakers%2F23&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988" /></li><li id="cite_note-8" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Chicago_Boys#cite_ref-8" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><span class="cite-accessibility-label" style="top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important; -webkit-user-select: none;">Jump up^{</a> }<a rel="nofollow" class="external text" href="http://www.labgbooth.org/conference/speakers/41" style="text-decoration: none; color: rgb(102, 51, 102); padding-right: 13px; background: linear-gradient(transparent, transparent) 100% 50% no-repeat, url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20width%3D%2210%22%20height%3D%2210%22%3E%3Cg%20transform%3D%22translate%28-826.429%20-698.791%29%22%3E%3Crect%20width%3D%225.982%22%20height%3D%225.982%22%20x%3D%22826.929%22%20y%3D%22702.309%22%20fill%3D%22%23fff%22%20stroke%3D%22%2306c%22%2F%3E%3Cg%3E%3Cpath%20d%3D%22M831.194%20698.791h5.234v5.391l-1.571%201.545-1.31-1.31-2.725%202.725-2.689-2.689%202.808-2.808-1.311-1.311z%22%20fill%3D%22%2306f%22%2F%3E%3Cpath%20d%3D%22M835.424%20699.795l.022%204.885-1.817-1.817-2.881%202.881-1.228-1.228%202.881-2.881-1.851-1.851z%22%20fill%3D%22%23fff%22%2F%3E%3C%2Fg%3E%3C%2Fg%3E%3C%2Fsvg%3E) 100% 50%;">"Latin American Business Group at Chicago Booth School of Business (Latam Group)Speaker Profile"</a>. Retrieved 2014-01-26.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChicago+Boys&rft.btitle=Latin+American+Business+Group+at+Chicago+Booth+School+of+Business+%28Latam+Group%29Speaker+Profile&rft.genre=book&rft_id=http%3A%2F%2Fwww.labgbooth.org%2Fconference%2Fspeakers%2F41&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988" /></li></ol></div><h2 style="font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(170, 170, 170); line-height: 1.3; background-image: none; background-attachment: initial; background-color: rgb(255, 255, 255); background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">Further reading[<a href="https://en.wikipedia.org/w/index.php?title=Chicago_Boys&action=edit&section=8" title="Edit section: Further reading" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">edit</a>]</h2><ul style="margin: 0.3em 0px 0px 1.6em; padding: 0px; list-style-image: url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20version%3D%221.1%22%20width%3D%225%22%20height%3D%2213%22%3E%0A%3Ccircle%20cx%3D%222.5%22%20cy%3D%229.5%22%20r%3D%222.5%22%20fill%3D%22%2300528c%22%2F%3E%0A%3C%2Fsvg%3E%0A); color: rgb(37, 37, 37); line-height: 22.3999996185303px; background-color: rgb(255, 255, 255);"><li style="margin-bottom: 0.1em;">Valdés, Juan Gabriel (1995), <a rel="nofollow" class="external text" href="http://books.google.co.uk/books?id=11ygvsWmZk0C&lpg=PP1&dq=Pinochet%27s%20economists&pg=PP1#v=onepage&q&f=false" style="text-decoration: none; color: rgb(102, 51, 102); padding-right: 13px; background: linear-gradient(transparent, transparent) 100% 50% no-repeat, url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20width%3D%2210%22%20height%3D%2210%22%3E%3Cg%20transform%3D%22translate%28-826.429%20-698.791%29%22%3E%3Crect%20width%3D%225.982%22%20height%3D%225.982%22%20x%3D%22826.929%22%20y%3D%22702.309%22%20fill%3D%22%23fff%22%20stroke%3D%22%2306c%22%2F%3E%3Cg%3E%3Cpath%20d%3D%22M831.194%20698.791h5.234v5.391l-1.571%201.545-1.31-1.31-2.725%202.725-2.689-2.689%202.808-2.808-1.311-1.311z%22%20fill%3D%22%2306f%22%2F%3E%3Cpath%20d%3D%22M835.424%20699.795l.022%204.885-1.817-1.817-2.881%202.881-1.228-1.228%202.881-2.881-1.851-1.851z%22%20fill%3D%22%23fff%22%2F%3E%3C%2Fg%3E%3C%2Fg%3E%3C%2Fsvg%3E) 100% 50%;">Pinochet's Economists: The Chicago School of Economics in Chile</a>, Cambridge, <a href="https://en.wikipedia.org/wiki/Cambridge_University_Press" title="Cambridge University Press" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Cambridge University Press</a>.<a href="https://en.wikipedia.org/wiki/Special:BookSources/0521451469" class="internal mw-magiclink-isbn" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">ISBN 0-521-45146-9</a></li><li style="margin-bottom: 0.1em;">Constable, Pamela, and Arturo Valenzuela (1991), <a rel="nofollow" class="external text" href="http://www.questia.com/PM.qst?a=o&d=102077199" style="text-decoration: none; color: rgb(102, 51, 102); padding-right: 13px; background: linear-gradient(transparent, transparent) 100% 50% no-repeat, url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20width%3D%2210%22%20height%3D%2210%22%3E%3Cg%20transform%3D%22translate%28-826.429%20-698.791%29%22%3E%3Crect%20width%3D%225.982%22%20height%3D%225.982%22%20x%3D%22826.929%22%20y%3D%22702.309%22%20fill%3D%22%23fff%22%20stroke%3D%22%2306c%22%2F%3E%3Cg%3E%3Cpath%20d%3D%22M831.194%20698.791h5.234v5.391l-1.571%201.545-1.31-1.31-2.725%202.725-2.689-2.689%202.808-2.808-1.311-1.311z%22%20fill%3D%22%2306f%22%2F%3E%3Cpath%20d%3D%22M835.424%20699.795l.022%204.885-1.817-1.817-2.881%202.881-1.228-1.228%202.881-2.881-1.851-1.851z%22%20fill%3D%22%23fff%22%2F%3E%3C%2Fg%3E%3C%2Fg%3E%3C%2Fsvg%3E) 100% 50%;">A Nation Of Enemies: Chile Under Pinochet</a>, New York, <a href="https://en.wikipedia.org/wiki/W.W.Norton" title="W.W. Norton" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">W.W. Norton</a>. <a href="https://en.wikipedia.org/wiki/Special:BookSources/9780393309850" class="internal mw-magiclink-isbn" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">ISBN 9780393309850</a></li><li style="margin-bottom: 0.1em;">Fontaine Aldunate, Arturo (1988), "Los Economistas y el Presidente Pinochet", Zig Zag</li></ul><h2 style="font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(170, 170, 170); line-height: 1.3; background-image: none; background-attachment: initial; background-color: rgb(255, 255, 255); background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;">External links[<a href="https://en.wikipedia.org/w/index.php?title=Chicago_Boys&action=edit&section=9" title="Edit section: External links" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">edit</a>]</h2><ul style="margin: 0.3em 0px 0px 1.6em; padding: 0px; list-style-image: url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20version%3D%221.1%22%20width%3D%225%22%20height%3D%2213%22%3E%0A%3Ccircle%20cx%3D%222.5%22%20cy%3D%229.5%22%20r%3D%222.5%22%20fill%3D%22%2300528c%22%2F%3E%0A%3C%2Fsvg%3E%0A); color: rgb(37, 37, 37); line-height: 22.3999996185303px; background-color: rgb(255, 255, 255);"><li style="margin-bottom: 0.1em;"><a rel="nofollow" class="external text" href="http://www.pbs.org/wgbh/commandingheights/shared/video/qt/mini_p02_07_300.html" style="text-decoration: none; color: rgb(102, 51, 102); padding-right: 13px; background: linear-gradient(transparent, transparent) 100% 50% no-repeat, url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20width%3D%2210%22%20height%3D%2210%22%3E%3Cg%20transform%3D%22translate%28-826.429%20-698.791%29%22%3E%3Crect%20width%3D%225.982%22%20height%3D%225.982%22%20x%3D%22826.929%22%20y%3D%22702.309%22%20fill%3D%22%23fff%22%20stroke%3D%22%2306c%22%2F%3E%3Cg%3E%3Cpath%20d%3D%22M831.194%20698.791h5.234v5.391l-1.571%201.545-1.31-1.31-2.725%202.725-2.689-2.689%202.808-2.808-1.311-1.311z%22%20fill%3D%22%2306f%22%2F%3E%3Cpath%20d%3D%22M835.424%20699.795l.022%204.885-1.817-1.817-2.881%202.881-1.228-1.228%202.881-2.881-1.851-1.851z%22%20fill%3D%22%23fff%22%2F%3E%3C%2Fg%3E%3C%2Fg%3E%3C%2Fsvg%3E) 100% 50%;">PBS Video clip – Chicago Boys and Pinochet</a></li><li style="margin-bottom: 0.1em;"><a rel="nofollow" class="external text" href="http://dollarsandsense.org/archives/2004/0904cypher.html" style="text-decoration: none; color: rgb(102, 51, 102); padding-right: 13px; background: linear-gradient(transparent, transparent) 100% 50% no-repeat, url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20width%3D%2210%22%20height%3D%2210%22%3E%3Cg%20transform%3D%22translate%28-826.429%20-698.791%29%22%3E%3Crect%20width%3D%225.982%22%20height%3D%225.982%22%20x%3D%22826.929%22%20y%3D%22702.309%22%20fill%3D%22%23fff%22%20stroke%3D%22%2306c%22%2F%3E%3Cg%3E%3Cpath%20d%3D%22M831.194%20698.791h5.234v5.391l-1.571%201.545-1.31-1.31-2.725%202.725-2.689-2.689%202.808-2.808-1.311-1.311z%22%20fill%3D%22%2306f%22%2F%3E%3Cpath%20d%3D%22M835.424%20699.795l.022%204.885-1.817-1.817-2.881%202.881-1.228-1.228%202.881-2.881-1.851-1.851z%22%20fill%3D%22%23fff%22%2F%3E%3C%2Fg%3E%3C%2Fg%3E%3C%2Fsvg%3E) 100% 50%;">Is Chile a Neoliberal Success?</a> analysis of Chicago Boys' policies in <a href="https://en.wikipedia.org/wiki/Dollars%26_Sense" title="Dollars & Sense" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Dollars & Sense</a> magazine 2004</li><li style="margin-bottom: 0.1em;"><a rel="nofollow" class="external text" href="http://www.forbes.com/2010/03/16/latin-america-hernan-buchi-opinions-book-review-silvia-santacruz.html" style="text-decoration: none; color: rgb(102, 51, 102); padding-right: 13px; background: linear-gradient(transparent, transparent) 100% 50% no-repeat, url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20width%3D%2210%22%20height%3D%2210%22%3E%3Cg%20transform%3D%22translate%28-826.429%20-698.791%29%22%3E%3Crect%20width%3D%225.982%22%20height%3D%225.982%22%20x%3D%22826.929%22%20y%3D%22702.309%22%20fill%3D%22%23fff%22%20stroke%3D%22%2306c%22%2F%3E%3Cg%3E%3Cpath%20d%3D%22M831.194%20698.791h5.234v5.391l-1.571%201.545-1.31-1.31-2.725%202.725-2.689-2.689%202.808-2.808-1.311-1.311z%22%20fill%3D%22%2306f%22%2F%3E%3Cpath%20d%3D%22M835.424%20699.795l.022%204.885-1.817-1.817-2.881%202.881-1.228-1.228%202.881-2.881-1.851-1.851z%22%20fill%3D%22%23fff%22%2F%3E%3C%2Fg%3E%3C%2Fg%3E%3C%2Fsvg%3E) 100% 50%;">Forbes Magazine article 2010-3-17</a></li><li style="margin-bottom: 0.1em;"><a rel="nofollow" class="external text" href="http://www.npr.org/templates/story/story.php?storyId=4659772" style="text-decoration: none; color: rgb(102, 51, 102); padding-right: 13px; background-image: linear-gradient(transparent, transparent), url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20width%3D%2210%22%20height%3D%2210%22%3E%3Cg%20transform%3D%22translate%28-826.429%20-698.791%29%22%3E%3Crect%20width%3D%225.982%22%20height%3D%225.982%22%20x%3D%22826.929%22%20y%3D%22702.309%22%20fill%3D%22%23fff%22%20stroke%3D%22%2306c%22%2F%3E%3Cg%3E%3Cpath%20d%3D%22M831.194%20698.791h5.234v5.391l-1.571%201.545-1.31-1.31-2.725%202.725-2.689-2.689%202.808-2.808-1.311-1.311z%22%20fill%3D%22%2306f%22%2F%3E%3Cpath%20d%3D%22M835.424%20699.795l.022%204.885-1.817-1.817-2.881%202.881-1.228-1.228%202.881-2.881-1.851-1.851z%22%20fill%3D%22%23fff%22%2F%3E%3C%2Fg%3E%3C%2Fg%3E%3C%2Fsvg%3E); background-color: initial; background-position: 100% 50%, 100% 50%;">Audio clip – 'Chicago Boys' Leave Lasting Legacy on Chile's Economy, National Public Radio</a></li></ul></div><div style="font-size: 14px; font-family: 'Antwerp Regular', 'Times New Roman', Times, serif;">
</div><div></div><div>hoover inst</div><div>
</div><div><div class="panel-pane pane-node-title field-name-field-ref-issue no-title" style="font-weight: 900; font-stretch: normal; line-height: 34px; padding-bottom: 3px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); margin: 0px 0px 27px;"><a href="http://www.hoover.org/publications/hoover-digest/1997-no-4" style="text-decoration: none;">1997 No. 4</a></div><div class="panel-pane pane-node-content no-title" style="line-height: 19px;"><div class="hoov-1col-article clearfix panel-display node node-research view-mode-full with-tweet-count" style="position: relative; margin: 0px; padding: 0px;"><header class="article-header" style="display: inline-block !important; max-width: 590px;"><div class="field field-name-title field-type-ds field-label-hidden"><div class="field-items"><div class="field-item even"><h1 class="page-title" style="font-stretch: normal; line-height: 40px; margin: 0px 0px 15px;">What Latin America Owes to the "Chicago Boys"</h1></div></div></div><div class="field-name-field-research-authors field-meta" style="font-size: large; font-stretch: normal; line-height: 20px;">by <a href="http://www.hoover.org/profiles/gary-s-becker" class="node node-5570 entityreference" style="text-decoration: none; position: relative;">Gary S. Becker</a></div><div class="field-meta last" style="font-size: large; font-stretch: normal; line-height: 20px;">Thursday, October 30, 1997</div></header><div class="content-above" style="position: relative; float: right; top: 8px;"><div class="field field-name-tweet-count"><a class="addthis_button_twitter at300b" title="Tweet" href="http://www.hoover.org/research/what-latin-america-owes-chicago-boys#" style="text-decoration: none; cursor: pointer;" /><div class="arrow_box" style="position: relative; display: inline-block; vertical-align: top; padding: 4px 10px; margin-left: 55px; font-weight: 700; text-align: center; background-image: initial; background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: initial; background-repeat: initial;"><a class="addthis_button_twitter at300b" title="Tweet" href="http://www.hoover.org/research/what-latin-america-owes-chicago-boys#" style="text-decoration: none; cursor: pointer;">0</a></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden" style="margin-top: 19px; clear: both;"><div class="field-items"><div class="field-item even">On my first visit to South America in the early 1980s, I heard a candidate in the Colombian presidential elections attack the "Chicago boys." These were not remnants of Al Capone's gang but Latin American economists educated in the Department of Economics of the University of Chicago. I was impressed that our former students were important enough to be in a presidential election--and shocked that they were apparently so unpopular.Chicago boys generally advocated widespread deregulation, privatization, and other free market policies for closely controlled economies. They rose to fame as leaders of the early reforms initiated in Chile during the rule of General Augusto Pinochet. Chicagoans were attacked partly because central planning and government controls were still advocated by economists in that region.The Chicago boys took a lot of heat for agreeing to work for Pinochet. Like most generals who seize power, he initially ran the economy as a centrally directed, military-type system. Only after this approach failed did he, in desperation, turn to the free market policies advocated by the Chicagoans. 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.Pariah NationIn the past, Chile and other Latin nations did not have competitive capitalism but a cozy system of monopoly capitalism, where high tariffs kept out more-efficient foreign competition and where domestic companies received subsidized government loans and other favors. Unions liked the system, too, since they had rigid job protection legislation and often controlled medical insurance premiums and other programs. The elderly received generous retirement and health benefits financed by heavy taxes on younger workers.This system of providing political favors to powerful interest groups was highly inefficient and produced stagnant economies. After a bad start, the revolutionary economic reforms initiated in Chile caused that economy to boom beyond the wildest expectations even of their<div class="overflow-x" style="width: 702.46875px; overflow-x: auto;"><table cellpadding="7" cellspacing="10" width="275" border="0" align="left" style="border-collapse: collapse; border-spacing: 0px; margin: 0px; width: 702px; border: 0px; line-height: 20px;"><tbody><tr><td align="right" valign="top" bgcolor="#990033" style="border-left-width: 1px; border-left-style: solid; border-left-color: rgb(247, 247, 247); padding: 16px 5px 15px; vertical-align: top;">CHILE AND ARGENTINA WERE SOON FOLLOWED DOWN THE PATH OF FREE MARKET POLICIES BY MEXICO, PERU, BOLIVIA, AND COLOMBIA.</td></tr></tbody></table></div>teachers at Chicago; 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.Chile went from a pariah nation controlled by a dictator to an economic role model for the whole undeveloped world. Chile's performance became still more impressive when the government was transformed into a democracy.Other nations began to believe that free market reforms could also help them. Chile's success especially grated on its large rival, Argentina. Decades of abysmal economic policies had reduced Argentina from, at the start of the century, among the top ten nations in per capita income to about seventy-fifth.Rocky RoadIn 1989, Argentina elected the Peronist Carlos Saúl Menem, who continued the interventionist policies that nation had so long endured. But Menem quickly realized that these, too, were failing and asked Domingo Cavallo, a Harvard University–educated economist sympathetic to Chicago-style policies, to initiate a radical freeing of Argentina's economy. This ended the long period of stagnation, and the nation began to grow rapidly, even weathering the sharp recession in 1992 caused by Mexico's financial troubles. Cavallo was recently replaced by a Chicago graduate, Roque Fernandez, who continued the reform, which has generated violence in the provinces, where unemployment is high.Chile and Argentina were soon followed down the path of free market policies by Mexico, Peru, Bolivia, and Colombia. Although the road has occasionally been rocky, these nations generally reversed their<div class="overflow-x" style="width: 702.46875px; overflow-x: auto;"><table cellpadding="7" cellspacing="10" width="275" border="0" align="right" style="border-collapse: collapse; border-spacing: 0px; margin: 0px; width: 702px; border: 0px; line-height: 20px;"><tbody><tr><td align="left" valign="top" bgcolor="#990033" style="border-left-width: 1px; border-left-style: solid; border-left-color: rgb(247, 247, 247); padding: 16px 5px 15px; vertical-align: top;">THE POLITICAL AND ECONOMIC REVOLUTION THAT THE CHICAGO BOYS SPURRED IS UNLIKELY TO BE REVERSED.</td></tr></tbody></table></div>economic stagnation, began to grow more rapidly, raised living standards, and sharply increased exports. Meanwhile, countries like Brazil and Venezuela, which have been slow to introduce reform, experienced greater difficulties and grew more slowly.Free market reforms have not solved all the problems of Latin American societies. For example, a recent World Bank study documents that this region has greater economic inequality than other regions of the world, in good part because schooling and other human capital investments in the poor have been inadequate.Although unions and older business families accustomed to special privileges stand ready to promote the old mercantilist policies should Latin economies falter, the changes initiated by the Chicago boys in Chile have spurred an economic and political revolution in Latin America that is unlikely to be reversed. Their teachers are proud of their richly deserved glory.<div class="body-footer">Reprinted from BusinessWeek, June 9, 1997, from an article entitled "Latin America Owes a Lot to Its 'Chicago Boys.'" Used with permission.Available from the <a href="http://www.hooverpress.org/" style="text-decoration: none;">Hoover Press</a> are The Essence of Becker, a volume of essays by the Nobel Prize–winning economist, and The Economic Way of Thinking: The Nobel Lecture, published as a Classic in the Hoover Institution's Essays in Public Policy series. To order a copy of either, call 800-935-2882.</div></div></div></div></div></div></div><div></div></div></div>