they had the collective epiphany that free people and unfettered free markets go hand in hand. That epiphany was always fictional. What actually happened is that just as citizens were finally winning their longdenied freedoms, escaping the shock of the torture chambers under the likes of the Philippines’ Ferdinand Marcos and Uruguay’s Juan María Bordaberry, they were hit with a perfect storm of financial shocks—debt shocks, price shocks and currency shocks—created by the increasingly volatile, deregulated global economy.
