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The Chicago School and the Chilean Regime 1973-80

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The Chicago School and the Chilean Regime 1973-80 The New Leviathan: the Chicago School and the Chilean Regime 1973-80 Philip O 'B rien Our inquiry is not after that which is perfect, well It is this seemingly paradoxical combination of economic knowing that no such thing is found among men; market individualism and freedom with a political but we seek that human Constitution which is authoritarian inclined state which characterises the attended with the least, or the most, pardonable dominant trend of the new right-wing forces in Western inconvenience. capitalism. The particular mix of that combination (Algernon Sidney, quoted on the title page of depends on national circumstances with the political F. A. Hayek's The Constitution of Liberty) authoritarianism of the 'new democracy' in Chile, for example, reaching extremes. The emergence of this Sia la Constitucion de/a Libertad (main government bloc in developed capitalist societies marks the defeat slogan during the campaign for the new Chilean (perhaps temporary) of Keynesian social consensus Constitution, September 1980) politics and economics. Introduction The article is concerned with analysing the Chicago strategy and how it becahie the dominant strategy in Chile is of fairly limited strategic importance both in Chile after the coup of 11 September 1973. The first terms of its geopolitical position and its natural resources. part looks at the relationship between the Chicago- Nevertheless, it has aroused world-wide interest for trained economists and the making of the coup. The the various political-economic-social experiments it second analyses some of the key policy decisions has undergone in the last 15 years: from the Christian within the main stages of the Chilean process. The Democratics' 'Revolution in Liberty' to the essentially third part attempts to analyse the model as a totality, Euro-Communist 'Democratic Transition to Socialism' with a look at some of its main contradictions. and to the Chicago social market economy within 'The Constitution of Liberty'. Each experiment was The Chicago School and the Chicago Boys seen by its proponents as the long-run solution to One of the peculiarities of Chile is that thanks to an Chilean political and economic problems, and each agreement signed between the University of Chicago experiment involved learned debates on its supposed and the Catholic University of Chile in 1955, a large 'irreversibility'. number of Chilean economists, 'the brightest and the best', had studied postgraduate economics at the The present Chilean model, ideologically inspired by University of Chicago. Between 1955 and 1963 this the so-called Chicago School, and to a great extent exchange was financed by the USA Government Aid financed by private banks, arouses as deep a controversy Agency (the USA Institute of International Assistance as the previous two models. This controversy has originally justified financing this link on the ground received a wider airing with the electoral victory of that it was important to combat the spread of ECLA Margaret Thatcher in Britain and Ronald Reagan in ideas), and thereafter Chilean businessmen and others the USA. For all three governments invoke a rhetoric financed the scheme. Not every Chilean of course which, allowing for national differences, reveal a who studied in Chicago became an adherent of the common economic foundation: the antistatism, pro extremist Chicago philosophy, but it is amazing how free market 'monetarist' prescriptions associated with many of the Chilean Chicago Boys did (the name the Chicago School of Milton Friedman and Friedrich commonly given in Chile to the Chicago trained von Hayek'. economists). They became determined not only to The then British Minister of Trade Cecil Parkinson, acknowledged gain control of the Economics Department of the the validity of the comparison between Britain and Chile, when he Catholic University, but to find a wider audience for pointed out that Britain is trying, as Chile has done, to reduce tariffs, their views. In the words of one of them, 'we set out to public expenditure, state bureaucracy and taxes on profits; to reduce controls and restrictions on prices, salaries, exchange rates and win elite opinion to our positions; and to do this we investment; to break state monopolies; and, in brief, to re-establish concentrated on the quality media' (interview with E. the role of the private sector and reduce that of the public. 'The Chilean economic experience', he concluded, 'is very similar to what Sanfuentes, May 28 1980). Even before Allende's we are developing here', though 'in the case of Chile it was possible to victory, Chicago Boys obtained important footholds impose a policy and regulate its implementation, but this isn't possible in our country. Here we have to proceed with more caution and in the media, writing, for example in the Economic convince people of the benefits of our policies'El Mercurio,Edición with Chicago orthodoxy. Much of the 'supply side' economics, Internacional, 5 November 1980). however, is pure public relations (outside of defence, which is It could be argued that Reagan's economic programme with its compatible with Chicago) and the programme is essentially that of emphasis on the 'supply side' the Laffer curve et al has nothing to do Chicago. Bulletin. 1981. vol /3 no I, Institute of Development Studies. Sussex 38 Page of El Mercurio. And with the establishment of emphasis is on individual liberty which, in turn, is the influential weekly Que Pasa (owned by a Chicago defined in terms of the market place. The Chicago Boy) the Chicago philosophy spread rapidly. In 1968 a School consider the market to be non-coercive by group of Chicago Boys established aright-wing think definition, and liberty is defined as 'that condition of tank, CESEC2 and through it attempted to push the men in which coercion of some by others is reduced as programme of the right-wing Presidential candidate, much as possible in society'. Jorge Alessandri, in the direction of the Chicago model. CESEC was asked to draw up Alessandri's Democracy may help economic liberty, but it is not a economic programme; but the Chicago model was necessary condition for it. It is, therefore, possible for opposed by many of Alessandri's business supporters economic liberty to exist within an authoritarian regime.3 and had to be put into cold storage 'as it was a Indeed, democracy, it is argued, can endanger liberty programme difficult to implement within a democracy', by giving to the state all sorts of powers which threaten as one leading businessman, M. Valdes, ex-President the exercise of individual liberty, and must, therefore, of the Confederation of Production and Commerce, be controlled and limited through severely restricting put it (interview 17 June 1980). Nevertheless the campaign state activities and confining these to strengthening was useful in winning important adherents to the the market and the rule of law and weakening Chicago plan among key businessmen. organisations such as political parties and trade unions.4 The philosophy behind the Chicago plan is a very simple one; a dogmatic insistence on the allocational As a model for Chile and other underdeveloped efficiency of the market through the private ownership countries, this basic paradigm added a number of of the means of production. It is a simple but all other emphases, the most important being the doctrine pervasive doctrine and one which combines the two of comparative advantage and an assertion that Third main and different components within the Chicago World countries do best by integrating themselves School: the neo-Austrian subjectivists under Hayek, into the international capitalist economy.5 'Inward- and the positivist monetarists under Friedman. looking industrialisation' was considered a failure, for 'such industrialisation was highly inefficient and prone In spite of important differences within the Chicago to be self-limiting, if not self-defeating, and what was School, all believe in the need to maintain the process required was access to larger, foreign markets' [Johnson of competition (it is not a perfect competition general 1971I.Coupled with this was the view of the multinational equilibrium model, but rather an unending and changing corporation as the development agency, and hence tendency towards an equilibrium modelan auto- the demand for an open policy towards them. The matically adjusting catalaxy in Hayek's phrase) against new model also emphasized the need to develop a that which threatens it. What threatens this process of capital market.5 In addition, they offered a monetarist competition is a certain sort of state interference and explanation of inflation.7 the activities of monopolies, particularly trade unions (employer monopolies are not considered very important, 3Hayek has argued that it is possible that democracy can acquire totalitarian powers' and that 'an authoritarian government can act and on the whole it is argued that state interference to according to liberal principles'. There is now a host of right-wing break up these monopolies has been more harmful authors emphasizing the dangers of democracy to the functioning of 1 than beneficial). It should be emphasized that this is capitalist economy. not a laissez-faire position: indeed both Hayek and 4Clearly, what the model does not want to recognise is that historically, as Macpherson has pointed out Macpherson 19731. there has been a Friedman advocate the need for a strong state which tendency that the pure market leads to political power being used not actively ensures the workings of competition, eg in the to offset, but to reinforce economic power. Hence, contrary to the Chicago position, the growth of political parties, trade unions, the field of industrial relations. What is important is that welfare state, and much state intervention, had been experienced by the state acts within a proper set of principles designed millions of people as a way of checking economic power by political to ensure that the rules of the game are universal and power, and not as an intrusion into their liberty.
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