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- Miracle_of_Chile abstract "The “Miracle of Chile” was a term used by Nobel laureate economist Milton Friedman to describe the neoliberal and free market reorientation of the economy of Chile in the 1980s and the benefits of economic liberalism. He 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.” The junta to which Friedman refers was a military government that came to power in a 1973 coup d'état, ending 48 years of democratic rule.Other economists (such as Nobel laureate Amartya Sen) have argued that the experience of Chile in this period rather demonstrate the failure of Friedman-style economic liberalism, claiming that there was little net economic growth from 1975 to 1982 (during the “pure Monetarist experiment”). After the catastrophic banking crisis of 1982 the state controlled more of the economy than it had under the democratic regime that preceded the military dictator General Pinochet, and sustained economic growth only came after these later reforms, while social indicators remained poor. Pinochet’s military dictatorship made the unpopular economic reorientation possible by repressing opposition to it. Rather than a triumph of the free market, the OECD economist Javier Santiso described this reorientation as “combining neo-liberal sutures and interventionist cures”. By the time of sustained growth, the Chilean government had “cooled its neo-liberal ideological fever” and “controlled its exposure to world financial markets and maintained its efficient copper company in public hands”.In the early 1970s, Chile experienced chronic inflation reaching highs of 140 percent per annum, at a time when the country, under high protectionist barriers, had no foreign reserves, and GDP was falling. The economic reforms were originally drafted by Chilean economists known as the “Chicago Boys” because many of them had studied at the University of Chicago. The plan had three main objectives: economic liberalization, privatization of state-owned companies, and stabilization of inflation. The first reforms were implemented in three rounds – 1974–1983, 1985, and 1990. The reforms were continued and strengthened after 1990. However, the democratic centre-left governments of the 1990s also made a strong commitment to poverty reduction. In 1988, 48% of Chileans lived below the poverty line. By 2000 this had been reduced to 20%. This was achieved through a 17% increase in the minimum wage, a 210% increase in social spending targeted at the low income sectors of the population, and across the board tax increases, reversing the Pinochet tax cuts of 1988 and bringing in a further 3% of GDP in tax revenue. Overall, social spending and redistribution accounted for 40% of the poverty reduction, with economic growth doing the rest.Hernán Büchi, Minister of Finance under President Augusto 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 European Union (comprising free trade and political and cultural agreements), in 2003, an extensive free trade agreement with the United States, and in 2004 with South Korea, 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 free trade agreement with the People's Republic of China (signed under the previous administration of Ricardo Lagos), the first Chinese free-trade agreement with a Latin American 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 Organization of Economic Cooperation and Development, an organization restricted to the world’s richest countries.".
- Miracle_of_Chile thumbnail GDP_per_capita_LA-Chile.png?width=300.
- Miracle_of_Chile wikiPageExternalLink 94chile.pdf.
- Miracle_of_Chile wikiPageID "195881".
- Miracle_of_Chile wikiPageRevisionID "600399374".
- Miracle_of_Chile agency "Select Committee to Study Governmental Operations with Respect to Intelligence Activities, United States Senate".
- Miracle_of_Chile article "Covert Action in Chile 1963—197".
- Miracle_of_Chile hasPhotoCollection Miracle_of_Chile.
- Miracle_of_Chile url 94chile.pdf.
- Miracle_of_Chile subject Category:1970s_in_Chile.
- Miracle_of_Chile subject Category:1980s_in_Chile.
- Miracle_of_Chile subject Category:Economic_booms.
- Miracle_of_Chile subject Category:Economic_history_of_Chile.
- Miracle_of_Chile subject Category:Economic_liberalization.
- Miracle_of_Chile subject Category:Military_government_of_Chile_(1973–90).
- Miracle_of_Chile subject Category:Milton_Friedman.
- Miracle_of_Chile type Abstraction100002137.
- Miracle_of_Chile type Boom107377682.
- Miracle_of_Chile type EconomicBooms.
- Miracle_of_Chile type Event100029378.
- Miracle_of_Chile type Happening107283608.
- Miracle_of_Chile type Noise107387509.
- Miracle_of_Chile type PsychologicalFeature100023100.
- Miracle_of_Chile type Sound107371293.
- Miracle_of_Chile type YagoPermanentlyLocatedEntity.
- Miracle_of_Chile comment "The “Miracle of Chile” was a term used by Nobel laureate economist Milton Friedman to describe the neoliberal and free market reorientation of the economy of Chile in the 1980s and the benefits of economic liberalism. He 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.".
- Miracle_of_Chile label "Chilijski cud".
- Miracle_of_Chile label "Milagro de Chile".
- Miracle_of_Chile label "Miracle chilien".
- Miracle_of_Chile label "Miracle of Chile".
- Miracle_of_Chile label "Miracolo del Cile".
- Miracle_of_Chile label "Wunder von Chile".
- Miracle_of_Chile label "チリの奇跡".
- Miracle_of_Chile label "智利奇迹".
- Miracle_of_Chile sameAs Wunder_von_Chile.
- Miracle_of_Chile sameAs Milagro_de_Chile.
- Miracle_of_Chile sameAs Miracle_chilien.
- Miracle_of_Chile sameAs Keajaiban_Chili.
- Miracle_of_Chile sameAs Miracolo_del_Cile.
- Miracle_of_Chile sameAs チリの奇跡.
- Miracle_of_Chile sameAs Chilijski_cud.
- Miracle_of_Chile sameAs m.01bv4w.
- Miracle_of_Chile sameAs Q1727958.
- Miracle_of_Chile sameAs Q1727958.
- Miracle_of_Chile sameAs Miracle_of_Chile.
- Miracle_of_Chile wasDerivedFrom Miracle_of_Chile?oldid=600399374.
- Miracle_of_Chile depiction GDP_per_capita_LA-Chile.png.
- Miracle_of_Chile isPrimaryTopicOf Miracle_of_Chile.