Everything about The Chicago Boys totally explained
The
Chicago Boys (c.
1970s) were a group of about 25 young
Chilean economists who trained at the
University of Chicago under
Milton Friedman and
Arnold Harberger. They later worked in
Augusto Pinochet's administration to create a
free market economy and decentralize control of the economy.
Chile
The Chicago Boys received their basic economic education from the School of Economy in
Universidad Católica. In 1956 that School had signed a three-year program of intensive collaboration with the Economics Faculty of the University of Chicago (the "Chile Project"). It entailed Chicago professors going to teach in Santiago, the donation of a full modern library, scholarships to the best Chilean students, etc. Under the leadership of Dean Theodore Shultz of the University of Chicago, this program was renewed three times and eventually totally transformed the teaching of economics in Chile. That is why the graduates of the School of Economics of "La Catolica" (the Catholic University) are called "the Chicago Boys." Only some of them went later for postgraduate studies at the
University of Chicago, where they enrolled in
Arnold Harberger's
Latin American Finance Workshop and
Milton Friedman's
Money and Banking Workshop, but several others went to other top level universities in the U.S. like
Harvard and
Columbia Universities. The whole group was heavily influenced by the
Chicago School of Economics, and especially by the writings and public policy proposals of Milton Friedman.
Elsewhere in Latin America
Although the largest and most influential group of so-called Chicago Boys was Chilean in origin, there were many Latin American graduates from the University of Chicago around the same period. These economists continued to shape the economies of their respective countries, and include people like
Mexico's
Francisco Gil Diaz,
Fernando Sanchez Ugarte,
Carlos Isoard y Viesca,
Argentina's
Ricardo Lopez Murphy, and many more from countries like
Brazil,
Uruguay, and
Costa Rica.
At least one former academic of the University has stated that the main advantage Chile had when compared to other Latin American countries wasn't the presence of the Chicago Boys, but rather the large number of them and the coherence of their policy making. Other military regimes of the seventies, such as the
Ernesto Geisel presidency in Brazil, followed a radically different economic orientation, based upon the idea of overcoming underdevelopement through heavy government spending and centralized planning.
Further Information
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