Running in Place
Chile is a case of successful pro-market reform, argues Sebastián Piñera, who stepped down from the presidency on March 11. He is wrong: The Chilean economy has expanded; but growth has had little to do with the former president’s policies – and, worse, it is proving to be unsustainable.
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SANTIAGO – A billionaire with a Harvard degree runs for President of Chile promising reforms to enhance productivity and competitiveness, and wins. Once he takes office in 2010, the economy recovers quickly from the global financial crisis, creates jobs, and continues growing until recently. The billionaire, never one to shy from publicity, claims the credit.