Miracle of Chile
reorientation of the Chilean economy
The "Miracle of Chile" was a term proclaimed by economist Milton Friedman in 1982 to describe the effects of the neoliberal economic policies of the Pinochet dictatorship, which were guided by a group of economists who collectively came to be known as the Chicago Boys, having studied at the University of Chicago where Friedman taught.
Immediately after Friedman's praise for Chile's economic reforms, Chile experienced a financial crisis which resulted in a recession. Following the crises, the Pinochet dictatorship walked back on some neoliberal policies, most notably the reversal of bank deregulation.
Overview
The economic reforms implemented by the Chicago Boys had three main objectives: economic liberalization, privatization of state-owned companies, and stabilization of inflation. The first reforms were implemented in three rounds: 1974–1983, 1985, and 1990. The reforms were continued and strengthened after 1990 by the post-Pinochet center government of Patricio Aylwin's Christian Democrats. However, the center-left government of Eduardo Frei Ruiz-Tagle also made a commitment to poverty reduction. In 1988, 48% of Chileans lived below the poverty line. By 2000 this had been reduced to 20%. A 2004 World Bank report attributed 60% of Chile's 1990's poverty reduction to economic growth, and claimed that government programs aimed at poverty alleviation accounted for the rest.
The public source identifies “Miracle of Chile” as reorientation of the Chilean economy. This brief keeps that definition visible, then builds a research path around Miracle, Chile and reorientation.
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Named sources, stable identifiers and responsible institutions provide the strongest route from overview to verifiable evidence. The source revision retrieved here is dated Aug 17, 2026. The linked authority identifier is Q106956710. None of the 0 selected statements returned an explicit reference. The first chronological checks are 1982, 1974, 1983 and 1985.
The absence of detail may reflect summary conventions rather than a lack of surviving documentation. The source lead contains qualifying language; that uncertainty should survive quotation, summary and reuse. Authority statements aid reconciliation but still require their own references, qualifiers and ranks to be checked.
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This entry incorporates text from “Miracle of Chile” on English Wikipedia. Contributors are listed in the page history. Text is available under the Creative Commons Attribution-ShareAlike 4.0 License. Selected authority identifiers and statements are retrieved from Wikidata under CC0; their references and qualifiers remain part of the verification path.