Source : http://www.huffingtonpost.com
Ever since deregulation caused a worldwide economic meltdown in September '08 and everyone became a Keynesian again, it hasn't been easy to be a fanatical fan of the late economist Milton Friedman. So widely discredited is his brand of free-market fundamentalism that his followers have become increasingly desperate to claim ideological victories, however far-fetched.
A particularly distasteful case in point. Just two days after Chile was struck by a devastating earthquake, Wall Street Journal columnist Bret Stephens informed his readers that Milton Friedman's "spirit was surely hovering protectively over Chile" because, "thanks largely to him, the country has endured a tragedy that elsewhere would have been an apocalypse.... It's not by chance that Chileans were living in houses of brick -- and Haitians in houses of straw -- when the wolf arrived to try to blow them down."
According to Stephens, the radical free-market policies prescribed to Chilean dictator Augusto Pinochet by Milton Friedman and his infamous "Chicago Boys" are the reason Chile is a prosperous nation with "some of the world's strictest building codes."
There is one rather large problem with this theory: Chile's modern seismic building code, drafted to resist earthquakes, was adopted in 1972.Read full article »