The Chile Project: The Story of the Chicago Boys and the Downfall of Neoliberalism

The Chile Project, by Sebastian Edwards, explores how Chile became home to the world's most radical free-market experiment and its downfall suggests about the fate of neoliberalism around the globe. The book tells the story of how the neoliberal economic model was installed in Chile during the Pinochet dictatorship and deepened during three decades of left-of-center governments. In 2021, Gabriel Boric, a young former student activist, was elected president, vowing to end neoliberalism. The book provides a behind-the-scenes history of the spread and consequences of the free-market thinking that dominated economic policymaking around the world in the second half of the twentieth century but is now on the retreat.

Format: Hardback
Length: 376 pages
Publication date: 23 May 2023
Publisher: Princeton University Press

The Chile Project, written by Sebastian Edwards, delves into the remarkable tale of how Chile became the epicenter of the world's most radical free-market experiment. This experiment, which was initially established during the Pinochet dictatorship and further solidified during three decades of left-leaning governments, reached its culmination in 2021 when Gabriel Boric, a young former student activist, was elected as the president, vowing that "If Chile was the cradle of neoliberalism, it will also be its grave."

The Chile Project is not merely a story about a single Latin American nation; rather, it serves as a behind-the-scenes chronicle of the proliferation and ramifications of the free-market mindset that dominated economic policymaking throughout the second half of the 20th century. However, it is noteworthy that this mindset is currently experiencing a decline.

In 1955, the U.S. State Department initiated the "Chile Project," with the primary objective of educating Chilean economists at the University of Chicago, renowned for its association with libertarian economist Milton Friedman. Following the overthrow of socialist president Salvador Allende in 1973 by General Augusto Pinochet, the "Chicago Boys" in Chile implemented the most pure form of neoliberalism worldwide for the next seventeen years. This involved a comprehensive set of privatization and deregulation measures, leading to the establishment of a modern capitalist economy and generating widespread discussions about a "Chilean miracle."

However, beneath the surface of apparent success, a deep-seated dissatisfaction with the profound inequalities perpetuated by neoliberalism was brewing. In 2019, widespread protests erupted across the country, serving as a testament to the growing discontent among the populace. As a result, Boric assumed the presidency in 2022 with a clear mandate: to bring an end to neoliberalism.

The Chile Project offers a valuable new perspective on the history of neoliberalism and its global impact. By examining the rise and fall of the free-market experiment in Chile, Edwards sheds light on the broader implications of this economic model for societies around the world. The book underscores the need for policymakers to critically evaluate the unintended consequences of neoliberal policies and to explore alternative approaches that prioritize social welfare and economic equality.

In conclusion, The Chile Project is a captivating and thought-provoking book that delves into the complex history of neoliberalism and its profound impact on Chile and the world. Through its detailed narrative and insightful analysis, Edwards provides a valuable contribution to our understanding of the past, present, and future of economic policy.

Weight: 770g
Dimension: 180 x 244 x 45 (mm)
ISBN-13: 9780691208626