Joseph Stiglitz should stop promoting Latin America’s demagogues, writes AXELKAISER.
On a recent visit to Chile, Nobel laureate economist Joseph Stiglitz claimed that Milton Friedman “had no problem” working with dictator Augusto Pinochet in order to impose his “toxic” ideas on the Chilean people. Friedman, according to Stiglitz, was not just an economist but a “right-wing ideologue” uninterested in facts.
According to Stiglitz, by killing the “failed” free market model — the one introduced by Friedman and the Chicago School of economics, which made Chile the envy of South America — Boric will bring about social justice and progress for the Chilean people. With inflation at a 30-year high, massive capital flight, an economy slumping into recession, and crime at the highest levels since 1990, Boric’s promised post-neoliberal prosperity is nowhere to be found.
Last January, Stiglitz went so far as to proclaim the COVID-era economic policies of the current Fernandez-Kirchner regime to be a “miracle.” This is the same government that will end 2022 with an inflation rate of more than 100% and a poverty rate of nearly 40%. Former Venezuelan socialist dictator Hugo Chavez was also lauded by Stiglitz. In 2007 during a visit to Caracas, Stiglitz praised Chavez’s populist redistribution of oil income, claiming that it was “not a revolutionary but an innovative goal.” Stiglitz said that Chavez appeared to have had “success in bringing health and education to the people in the poor neighborhoods of Caracas.” Needless to say, Chavez’s populist policies proved catastrophic for democracy and economic progress in Venezuela.
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