Word: chileanizing
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When I got out of the Navy in 1942, I worked with a Chilean economist, Raul Simón. Smartest man I've ever met. He used to tell me what was going to happen in Latin America. He'd say: "The population is increasing 2% to 3% a year. These people are all going to crowd into the cities, and none of them are going to have jobs. The politicians are going to promise them everything. If you keep your company in Latin America, you will go down the drain." So, when I became chief executive...
...Milton Friedman flew to Chile to lobby for their panaceas. On his own steam, unpaid by the Chilean government, Harberger gave speeches and interviews in Chile to publicize his views. He has more than a little of the crusader...
...soaring unemployment and a widening gulf between rich and poor, they are hard to carry through in democratic societies. In Chile, a nation ruled by a repressive military dictatorship, he has pushed his ideas where the people affected have no recourse against them. In effect, Harberger has used the Chilean people to test his own economic notions. He claims to be dedicated to the free market, yet he proselytizes his ideas in a country which has no free marketplace of ideas...
...Chilean Friedmanites tried some shock tactics. They clamped down hard on the money supply and slashed expenditures. The government stopped subsidizing inefficient industries; more than 400 state-owned banks and companies, many of which had been nationalized during Allende's years, were sold back to private hands. At first, these reforms made things worse. Unemployment rocketed because a number of businesses failed in the new competitive environment, and the government was also cutting its own swollen payroll. But many of the old jobs were eventually replaced by new, more productive employment, and the government allowed the Chicago Boys...
Tariffs: The boldest move was to reduce tariffs, which had ranged from 100% to 1,000%, to a more uniform 10%, forcing Chilean industry to become competitive almost overnight. Now Chile is shipping refrigerators to Argentina, shoes to Peru and logs to Japan. In the process, the country is transforming itself from a "monoproduct" economy into one in which noncopper goods are now 51% of exports. Forests are being planted with high-yield pine trees; U.S. authorities estimate that by 1990 forest products could become as important as copper to the economy...