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Chicago Boys

The Chicago Boys and the Chilean Neoliberal Project

In a new book, The Chile Project: The Story of the Chicago Boys and the Downfall of Neoliberalism, Sebastian Edwards details the history of neoliberalism in Chile over the past seventy years. The Chicago Boys—a group of Chilean economists trained at the University of Chicago through the U.S. State Department’s “Chile Project”—played a central role in neoliberalism’s ascent during General Augusto Pinochet’s rule. What follows is an excerpt from the book on University of Chicago economist Milton Friedman’s 1975 visit to Chile to meet with Pinochet and business leaders.
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The Complicated Legacy of the “Chicago Boys” in Chile

How did a group of Chicago-trained economists manage to turn Chile into the cradle of neoliberalism? As the country aims to move...
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Chile Reaches Its Greenspan Moment

"I am in a state of shocked disbelief," former Federal Reserve chair Alan Greenspan said during the 2008 crisis, before confessing: "I found a...
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Antitrust and Competition

Algorithmic Collusion in the Housing Market

Gabriele Bortolotti
While the development of artificial intelligence has led to efficient business strategies, such as dynamic pricing, this new technology is vulnerable to collusion and consumer harm when companies share the same software through a central platform. Gabriele Bortolotti highlights the importance of antitrust enforcement in this domain for the second article in our series, using as a case study the RealPage class action lawsuit in the Seattle housing market.
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Antitrust and Competition

The Future Markets Model Explains Meta/Within: A Reply to Herb Hovenkamp

Lawrence B. Landman
In response to both Herb Hovenkamp’s February 27 article in ProMarket and, perhaps more importantly, also to Hovenkamp’s highly regarded treatise, Lawrence B. Landman, first, shows that the Future Markets Model explains the court’s decision in Meta/Within. Since Meta was not even trying to make a future product, the court correctly found that Meta would not enter the Future Market. Second, the Future Markets Model is the analytical tool which Hovenkamp says the enforcers lack when they try to protect competition to innovate.
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Book Excerpts

The Chicago Boys and the Chilean Neoliberal Project

Sebastian Edwards
In a new book, The Chile Project: The Story of the Chicago Boys and the Downfall of Neoliberalism, Sebastian Edwards details the history of neoliberalism in Chile over the past seventy years. The Chicago Boys—a group of Chilean economists trained at the University of Chicago through the U.S. State Department’s “Chile Project”—played a central role in neoliberalism’s ascent during General Augusto Pinochet’s rule. What follows is an excerpt from the book on University of Chicago economist Milton Friedman’s 1975 visit to Chile to meet with Pinochet and business leaders.
Read more
Antitrust and Competition

Creating a Modern Antitrust Welfare Standard that Integrates Post-Chicago and Neo-Brandeisian Goals

Darren Bush, Mark Glick, Gabriel A. Lozada
Darren Bush, Mark Glick, and Gabriel A. Lozada argue that the Consumer Welfare Standard  is inconsistent with modern welfare economics and that a modern approach to antitrust could integrate traditional Congressional goals as advocated by the Neo-Brandesians. Such an approach could be the basis for an alliance between the post-Chicago economists and the Neo-Brandesians.
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Democracy

Getting Partisans To Listen to One Another Can Reduce Political Polarization

Guglielmo Briscese, Michèle Belot
In new research, Guglielmo Briscese and Michèle Belot find that reminding Americans of shared values can open lines of communication and help reduce political polarization.
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ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.

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