In 1955, a partnership was established between the University of Chicago and the Pontificia Universidad Católica de Chile. In 1981 Friedman declared the phrase to reflect a transformation of Chile's economy through a neoliberal formula of privatization, deregulation of markets and cuts to social spending. Chicago Boys. Chile’s carefully crafted image as the star of stability and economic growth in Latin America shattered in dramatic fashion in early October when the government announced a four-cent price increase for Santiago’s metro during rush hour. Chile's economic miracle was indisputably the product of a vile dictatorship that overrode normal political considerations to make sweeping reforms before inexplicably dissolving itself in 1980. The arc of Chile's salmon industry is a study in mythmaking. Chile has grown in absolute terms, of course, and, had an Allende-like regime persisted, Chile would probably be much poorer today. Milton Friedman (1912-2006) was an economist and professor at the University of Chicago. Miracle of Chile is a multifaceted art project investigating Milton Friedman's famous phrase "Miracle of Chile." Leave a reply. There is no “Chilean Miracle”. Chilean (blue) and average Latin American (orange) GDP per capita (1980–2017) Chilean (orange) and average Latin American (blue): Rates of Growth of GDP (1971–2007) The "Miracle of Chile" was a term used by economist Milton Friedman to describe the reorientation of the Chilean economy in the 1980s and the effects of the economic policies applied by a large group of Chilean economists … But what is perhaps most remarkable about Chile’s economic miracle is that it isn’t remotely true. In a famous 1982 column in Newsweek, Friedman described Chile under the dictatorship not only as an "economic miracle," despite the dramatic rise in poverty and inequality under the regime, but also as an "even more amazing political miracle." Miracle of Chile. – Andrew Logan However, less known are the ‘Chilean Miracle’s origins – and the role of American elites in the system vehemently protested today. It was Friedman who himself coined the phrase 'Miracle of Chile'. For starters, it was the Chilean government and not the free-market that developed the technology for … The Myth of the Chilean Miracle by Stephanie Rosenfeld SANTIAGO, CHILE - A major labor demonstration here on July 11 brought an end to the long labor-government honeymoon since Chile's 1990 transition to democracy. While Chile has developed rapidly, due in large part to social spending in education, it has left many of its poorest behind. Friedman's sidekick, economist Art Laffer, preened that Pinochet's Chile was, 'a … This essay is a summation of one of the main topics in The Shock Doctrine by Naomi Klein 1. 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