Failures in State-led Development

Question 1

Salvadore Allende

Answer 1

Chile’s first socialist president

Question 2

Washington Consensus

Answer 2

economic policy recommendations that emphasize:
1. free-market reforms
2. fiscal discipline
3. trade liberalization
4. privatization

Question 3

Chicago Boys

Answer 3

economists who advised the Chilean government on a series of policies to liberalize the economy

Question 4

Import-substituting Industrialization

Answer 4

an economic policy which aims to achieve development by replacing foreign imports with domestic production of industrial goods