Key Lessons From The “Chicago Boys” Chile Experiment

Is there a fundamental tension between democratic freedom, economic growth, and social equality?

Chilean economist and UCLA Professor Sebastian Edwards joins Bethany and Luigi to discuss his recent book, "The Chile Project: The Story of the Chicago Boys and the Downfall of Neoliberalism." The Chicago Boys were a group of free-market economists trained at the University of Chicago who shaped economic policy and reforms in Chile during General Augusto Pinochet's rule. In the book, Edwards (who also received his Ph.D. in economics from the University of Chicago in 1981) outlines the complexities of implementing market-oriented policies in a society undergoing rapid change. With him, Bethany and Luigi discuss: Could the Chilean experience offer lessons for other nations grappling with similar policy choices?

We’d like to thank our former Journalist in Residence, Rodrigo Cardenas (Editor at Chilean publication La Tercera), for his continued engagement with the Stigler Center. Upon our request, Rodrigo kindly submitted a couple of insightful questions for consideration in this interview.

Show Notes:

• Read an excerpt from Edwards' book on ProMarket.
• In conversation with Sebastian Edwards, Arnold C. Harberger reflects on his time at the Department of Economics at the University of Chicago.
• Also read "The Complicated Legacy of the "Chicago Boys" in Chile," by Chilean journalist and former Stigler Center Journalist in Residence, Daniel Matamala.