A group of Chilean economists trained mostly at the University of Chicago in the Arnold Harberger and Milton Friedman tradition of free markets and controlled monetary expansion. The Chicago Boys designed and implemented economic reform in Chile under the military regime of General Pinochet in the early 1970s to late 1980s. The reform involved deregulation, privatization of state-owned enterprises, and tight monetary control to stabilize inflation. Many of the Chicago Boys remained in key government posts after the country’s return to democracy.
|Reference: Oxford Press Dictonary of Economics, 5th edt.|