A Last Word on Pinochet


Princeton's John Londregan drives a stake through the heart of Pinochet in The Weekly Standard:

Pinochet tied his advocacy of free markets about people's eyes like a blindfold, to keep them from seeing his firing squads. Nothing that was achieved during his years of tyranny justifies the crimes he committed. Nor is there any meaningful sense in which the policies adopted by the Pinochet government should be viewed as paradigmatic for economic freedom. The military government long pursued a badly misguided policy of overvaluing the local currency; during the debt crisis of the 1980s it took the outrageous step of converting private debts to foreigners into public debt. And then there was its corruption, details of which continue to gradually leak into public view. Indeed, there continues to be a need for economic reform and openness in Chile, where a "good old boy network" acts as a powerful check on economic and social mobility.

Whole thing here.

Via Arts & Letters Daily.

Reason's Brian Doherty debunked the connection between Pinochet and Milton Friedman here.