Narrator:"The Chilean Economy had not done very well when Pinochet, to his own surprise, lost his plebiscite to remain": PBS: Commanding Heights INTERVIEWER: "You don't see Chile as a small turning point, then?" MILTON FRIEDMAN: "It may have been a turning point, but not because it was the first place to put the Chicago theory in practice. It was important on the political side, not so much on the economic side. Here was the first case in which you had a movement toward communism that was replaced by a movement toward free markets. See, the really extraordinary thing about the Chilean case was that... the military adopted the free-market arrangements instead of the military arrangements...." INTERVIEWER: "In the end, the Chilean [economy] did quite well, didn't it?" MILTON FRIEDMAN: "Oh, very well. Extremely well. The Chilean economy did very well, but more important, in the end the central government, the military junta, was replaced by a democratic society. So the really important thing about the Chilean business is that free markets did work their way in bringing about a free society..."

#noted #2019-12-27