Sergio de Castro and the other Chicago Boys argued (in true Chicago fashion) that the problem didn’t lie with their theory but with the fact that it wasn’t being applied with sufficient strictness. The economy had failed to correct itself and return to harmonious balance because there were still “distortions” left over from nearly half a century of government interference. For the experiment to work, Pinochet had to strip these distortions away—more cuts, more privatization, more speed.
