Friday, December 9, 2011

Milton Friedman: The Aftershock Doctrine

In spite of the ravings of folks like Naomi Klein and her Shock Doctrine Theory, the impact of Milton Friedman's ideas are still being felt around the world today (though sadly, not nearly enough in the U.S.) Consider these examples:

  • Hong Kong -- as Johan Norberg suggests in the clip above, Friedmanite policies still hold sway in the world's wealthiest city state.
  • Estonia -- Estonian president Mart Laar read Free To Choose and considered it his handbook once he became Prime Minister. Laar says it was his first contact with Western economics. Estonia is the wealthiest, fastest growing post-communist country in Eastern Europe.
  • Chile -- The Chicago Boys (economists) who studied under Friedman at Chicago helped usher Chile into an age of prosperity. Today is the most prosperous country in South America and the only South American country in the OECD.

Milton Friedman is still making impact. His aftershocks will be felt long into the 21st century.

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