Miracle of Chile

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The "Miracle of Chile" was a term proclaimed by economist Milton Friedman in 1982 to describe the effects of the neoliberal economic policies of the Pinochet dictatorship, which were guided by a group of economists who collectively came to be known as the Chicago Boys, having studied at the University of Chicago where Friedman taught. Immediately after Friedman's praise for Chile's economic reforms, Chile experienced a financial crisis which resulted in a recession. Following the crises, the Pinochet dictatorship walked back on some neoliberal policies, most notably the reversal of bank deregulation.

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