A Last Word on Friedman

OK, it's not really a last word because Milton Friedman was such an evil force in the world. He needs to be talked about over and over again until all his disciples are discredited. In that spirit, here's a story from Walden Bello from ZNet about how the effect of the Chicago School on the Chilean economy. Among the statistics:

In 1974-75, the GDP declined by 12%, followed by a drop of 15% in 1982-83

The share of the national economy going to the richest 10% when from 36.5% to 46.8%

Average GDP growth between 1974 and 1989 was 2.6%. Compare this to the period between 1951 and 1971, when average growth was over 4%.