Back in the 1970s, the nation of Chile embarked on one of the boldest sets of free market economic reforms in history. The government called in the Chicago Boys, as they were called, led by Milton Friedman and other University of Chicago free market economists.

They were given a free hand to redesign the Chilean economic system with property rights, a low flat tax, privatization of the Social Security system, and industry deregulation. In 1991, Friedman wrote that Chile now has “the three freedoms: economic freedom, political freedom, and human freedom. It will be interesting to see if they can keep it.”