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The '''Chicago Boys''' (c. 1970s) were a group of about 25 young [[Chilean]] [[economics|economists]] who trained at the [[University of Chicago]] under [[Milton Friedman]] and [[Arnold Harberger]].<ref name=HERENCIA>VILLAROEL, Gilberto. ''[http://news.bbc.co.uk/hi/spanish/latin_america/newsid_3192000/3192145.stm La herencia de los "Chicago boys"]''. Santiago do Chile: BBC Mundo.com - América Latina, 10/12/2006. {{es}}</ref>[[Augusto Pinochet]]'s  [[dictatorship]] allowed them the opportunity to create a [[free market]] and [[privatise]]d economy. The First Latin American to receive an "Economist" degree from Chicago was [[Adolfo Diz]] form Argentina whom competed laboriously to be the first Latin American PhD. in Economics from the University of Chicago but was beaten by Ernesto Fontaine of Chile. The [[Friedman]] school disseminated in Latin America through [[Arnold Harberger]] and still holds today a strong stance in the more developed Latin American Countries.
The '''Chicago Boys''' (c. 1970s) were a group of about 25 young [[Chilean]] [[economics|economists]] who trained at the [[University of Chicago]] under [[Milton Friedman]] and [[Arnold Harberger]].<ref name=HERENCIA>VILLAROEL, Gilberto. ''[http://news.bbc.co.uk/hi/spanish/latin_america/newsid_3192000/3192145.stm La herencia de los "Chicago boys"]''. Santiago do Chile: BBC Mundo.com - América Latina, 10/12/2006. {{es}}</ref>[[Augusto Pinochet]]'s  [[dictatorship]] allowed them the opportunity to create a [[free market]] and [[privatise]]d economy. The First Latin American to receive an "Economist" degree from Chicago was [[Adolfo Diz]] form Argentina who competed laboriously to be the first Latin American PhD. in Economics from the University of Chicago but was beaten by Ernesto Fontaine of Chile. The [[Friedman]] school disseminated in Latin America through [[Arnold Harberger]] and still holds today a strong stance in the more developed Latin American Countries.


==Chile==
==Chile==

Revision as of 15:54, 21 March 2009

The Chicago Boys (c. 1970s) were a group of about 25 young Chilean economists who trained at the University of Chicago under Milton Friedman and Arnold Harberger.[1]Augusto Pinochet's  dictatorship allowed them the opportunity to create a free market and privatised economy. The First Latin American to receive an "Economist" degree from Chicago was Adolfo Diz form Argentina who competed laboriously to be the first Latin American PhD. in Economics from the University of Chicago but was beaten by Ernesto Fontaine of Chile. The Friedman school disseminated in Latin America through Arnold Harberger and still holds today a strong stance in the more developed Latin American Countries.

Chile

The Chicago Boys received their basic economic education from the School of Economy in Universidad Católica. In 1956 that School had signed a three-year program of intensive collaboration with the Economics Faculty of the University of Chicago (the "Chile Project"), after Santiago's larger universities had refused to take part. It entailed Chicago professors going to teach in Santiago, the donation of a full modern library, scholarships to the best Chilean students, etc. Under the leadership of Dean Theodore Schultz of the University of Chicago, this program was renewed three times and eventually had a transformative effect on economic policy in Chile. That is why the graduates of the School of Economics of "La Católica" (the Catholic University) are called "the Chicago Boys."

Only some of them went later for postgraduate studies at the University of Chicago, where they enrolled in Arnold Harberger's Latin American Finance Workshop and Milton Friedman's Money and Banking Workshop. The whole group was heavily influenced by the Chicago School of Economics, and especially by the writings and public policy proposals of Milton Friedman. Their theories were very much on the fringe of Chilean political debate until the 1973 military coup and the coming to power of the right-wing General Pinochet allowed them the chance to implement their policies.

Some key Chicago Boys were:

  • Jorge Cauas (Minister of Finance, 1975 - 1977)
  • Sergio de Castro (Minister of Finance, 1977 - 1982)
  • Pablo Barahona (Minister of Economy, 1976 - 1979)
  • José Piñera (Minister of Labor and Pensions, 1978-1980, Minister of Mining, 1980-1981)
  • Hernán Büchi (Minister of Finance 1985 - 1989)  (although he did his Ph.D. in Columbia University).
  • Alvaro Bardón (Minister of Economy, 1982-1983)
  • Juan Carlos Méndez (Budget Director, 1975-1981)
  • Emilio Sanfuentes (Economic advisor to Central Bank)
  • Sergio de la Cuadra (Minister of Finance, 1982-1983)
  • Miguel Kast (Minister of Planning, 1978-1980)
  • Martín Costabal (Budget Director, 1987-1989)
  • Juan Ariztía Matte (Private Pension System Superintendent 1980-1990)
  • Maria Teresa Infante (Minister of Labor 1988-1990)

Elsewhere in Latin America

Although the largest and most influential group of so-called Chicago Boys was Chilean in origin, there were many Latin American 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 Mexico's Francisco Gil Díaz, Fernando Sanchez Ugarte, Carlos Isoard y Viesca, Argentina's Adolfo Diz, Roque Fernandez, Carlos Rodriguez, Fernando de Santibañez and Ricardo Lopez Murphy as well as many others in more countries like Brazil, Peru, Uruguay, and Costa Rica.

Other military regimes of the seventies, such as the Ernesto Geisel presidency in Brazil, followed a radically different economic orientation, based upon the idea of overcoming underdevelopment through government spending and centralized planning.

See also

References

  1. ^ VILLAROEL, Gilberto. La herencia de los "Chicago boys". Santiago do Chile: BBC Mundo.com - América Latina, 10/12/2006. Template:Es

Further reading

  • Valdés, Juan Gabriel (1995), Pinochet's Economists: The Chicago School of Economics in Chile, Cambridge, Cambridge University Press. ISBN 0-521-45146-9*Fontaine Aldunate, Arturo (1988), "Los Economistas y el Presidente Pinochet", Zig Zag
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