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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