The Chilean economy and its 'Chicago Boys'

Witness History

BBC

History, Personal Journals, Society & Culture

4.4 • 1.6K Ratings

🗓️ 25 June 2020

⏱️ 10 minutes

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Summary

Following the violent military coup that overthrew Chile's socialist government in 1973, the new regime led by General Augusto Pinochet began a radical overhaul of the economy. It was based on a free-market economic plan created by a group of economists known as the Chicago Boys. Mike Lanchin has been speaking to one of them, Rolf Lüders.

Photo: General Augusto Pinochet (L) poses with socialist Chilean president Salvador Allende (R) in Santiago, just after Allende appointed him the head of the army, and only three weeks before Pinochet's military coup in September 1973. Credit: AFP/Getty Images

Transcript

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0:00.0	Just before this BBC podcast gets underway, here's something you may not know.
0:04.7	My name's Linda Davies and I Commission Podcasts for BBC Sounds.
0:08.5	As you'd expect, at the BBC we make podcasts of the very highest quality featuring the most knowledgeable experts and genuinely engaging voices.
0:18.0	What you may not know is that the BBC makes podcasts about all kinds of things like pop stars,
0:24.6	poltergeist, cricket, and conspiracy theories and that's just a few examples.
0:29.7	If you'd like to discover something a little bit unexpected, find your next podcast from the BBC World Service.
0:45.0	All this week as countries around the world consider how to rebuild their economies after COVID-19,
0:51.0	witness history is looking back at previous attempts to reimagine society. v. us back to the 1970s when Chile's new military leader General Pinochet began to
1:05.4	overhaul the country's previously socialist economy with a radical plan designed
1:10.5	by a group of Chilean free market economists known as the Chicago Boys.
1:16.0	It's September the 11th, 1973 and Chilions are waking up to the news that a military coup is underway.
1:27.0	We're facing a severe economic, social and moral crisis in our country, the military spokesman says,
1:35.1	forcing the army to intervene.
1:37.1	Tanks are on the streets and planes are bombing the presidential palace where the socialist
1:45.2	leader Salvador Ayndi is holed up with his ministers.
1:50.1	Soon President Ayndi is dead, thousands of his followers are detained and the military is now in charge.
1:57.0	It's the end of Chilis' three-year experiment with socialism.
2:01.0	I don't recall exactly where I was and so on when we heard about the military
2:07.0	coup. But I probably was at work at the organization of American States.
2:13.0	Rolf Ludders is a Chilean economist and was a fierce critic of Aeyende.
2:17.0	A very good friend of mine who worked with me and some other children's there,
2:21.0	we got together and we said well what will this mean and what did you hope it
	...

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