Challenging Neoliberalism

Challenging Neoliberalism

Globalization and the Economic Miracles in Chile and Taiwan

Cal Clark and Evelyn A. Clark

Neoliberalism, which advocates free markets without government interference, has become increasingly utilized and controversial over the last three and a half decades. This book presents case studies of Chile and Taiwan, two countries that seemingly prospered from adopting neoliberal strategies, and finds that their developmental histories challenge neoliberalism in fundamental ways.

Chapter 3: The stereotype of the economic miracles: free markets

Cal Clark and Evelyn A. Clark

Subjects: asian studies, asian development, asian economics, development studies, asian development, development geography, economics and finance, development economics, geography, economic geography, human geography, development geography, politics and public policy, political economy


Taiwan opened its economy to the forces of globalization in the mid-1960s, and Chile followed suit a decade later. Both nations’ strategies were seen as producing “economic miracles” even by some scholars who had little sympathy for the political regimes that implemented them, suggesting that we should examine marketization in these two political economies closely. This chapter begins by describing the neoliberal “shock treatment” in Chile during 1975–81 since it provides a benchmark for assessing market-opening in Taiwan during the 1960s and early 1970s.

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