In 1972, Chile had the second worst economy in Latin America. Inflation reached 500%. Production lagged due to frequent workers’ strikes. Nationalization, price controls and high tariffs were the order of the day. The state controlled more than 70% of all economic output. Today Chile is an economic powerhouse. The first “Latin Tiger” has the fastest growing economy on the continent and was recently its first to join the prestigious Organization of Economic Co-operation and Development (OECD). How did Chile go from basket-case to poster child in the Latin world? All signs point to the courageous free-market reforms designed and executed by a few individuals who have continued their work via the think tank Instituto Libertad y Desarrollo (Liberty and Development Institute). Hernán Büchi, founder of Libertad y Desarrollo and architect of many of the reforms, discusses Chile's economic transformation at the Cosmos Club in Washington, DC.

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