Sunday, May 06, 2007

MILTON FRIEDMAN ON THE MIRACLE OF CHILE

"I have nothing good to say about the political regime that Pinochet imposed. It was a terrible political regime. The real miracle of Chile is not how well it has done economically; the real miracle of Chile is that a military junta was willing to go against its principles and support a freemarket regime designed by principled believers in a free market. The results were spectacular. Inflation came down sharply. After a transitory period of recession and low output that is unavoidable in the course of reversing a strong inflation, output started to expand, and ever since, the Chilean economy has performed better than any other South American economy."

Milton Friedman

4 comments:

China Law Blog said...

Great quote from a (late) great economist. My first time here. Love the site and will definitely return.

Mnuel said...

Good job on your page, it is very interesting. I am writing a thesis on the "miracle." Could you tell me where you got the quote by Friedman? Thanks a lot.

Mnuel said...

Where did you get this quote by Friedman? I am currently writing a thesis on the Chilean Miracle and would find it very useful to be able to properly quote him. Thanks a lot.

Rok Spruk said...

The speech delivered by Milton Friedman, entitled Economic Freedom, Political Freedom and Human Freedom canbe found here:
http://www.sbe.csuhayward.edu/~sbesc/frlect.html