Meanwhile, predictable trouble loomed for the political-economic model imposed on Chile. The year after the Mont Pelerin Society celebrated in the resort city of Viña del Mar, Chile’s economy went into a tailspin, contracting by more than 14 percent. The devastation was so bad that, despite the dangers, a broad-based opposition emerged among workers, students, and homemakers that shook the regime as nothing else had to date. The causes of the crisis were not only internal; the world economy also stumbled that year. But the economic model urged by the society’s thinkers and implemented by their
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