December 5, 2007

Shock Treatment

Filed under: Economics, Friedman, Politics — duncan @ 4:45 pm

Naomi Klein has published Milton Friedman’s 1975 letter to Pinochet. (via Robert Vienneau)

“Such a shock program could end inflation in months, and would set the stage for the solution of your second major problem – promoting an effective social market economy.
This problem is not of recent origin. It arises from trends towards socialism that started forty years ago, and reached their logical – and terrible – climax in the Allende regime. You have been extremely wise in adopting the many measures you have already taken to reverse this trend.”

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