Goodbye, Chicago boys. Hello, M.I.T. gang.
If
you don’t know what I’m talking about, the term “Chicago boys” was
originally used to refer to Latin American economists, trained at the
University of Chicago, who took radical free-market ideology back to
their home countries. The influence of these economists was part of a
broader phenomenon: The 1970s and 1980s were an era of ascendancy for
laissez-faire economic ideas and the Chicago school, which promoted
those ideas.
But that was a long time ago. Now a different school is in the ascendant, and deservedly so.
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