Another criticism is of the handling of [[Latin American]] economies by libertarian economists:
:"The [[Chicago School (economics)|Chicago School]] of Economics got that chance for 16 years in [[Chile]], under near-laboratory conditions. Between [[1973]] and [[1989]], a government team of economists trained at the [[University of Chicago]] dismantled or decentralized the Chilean state as far as was humanly possible. Their program included privatizing welfare and social programs, deregulating the market, liberalizing trade, rolling back [[trade unions]], and rewriting its constitution and laws. And they did all this in the absence of the far-right's most hated institution: [[democracy]].
:"The results were exactly what liberals predicted. Chile's economy became more unstable than any other in Latin America, alternately experiencing deep plunges and soaring growth. Once all this erratic behavior was averaged out, however, Chile's growth during this 16-year period was one of the slowest of any Latin American country. Worse, income inequality grew severe. The majority of workers actually earned less in 1989 than in 1973 (after adjusting for [[inflation]]), while the incomes of the rich skyrocketed. In the absence of market regulations, Chile also became one of the most polluted countries in Latin America. And Chile's lack of democracy was only possible by suppressing political opposition and labor unions under a reign of terror and widespread human rights abuses."[http://www.huppi.com/kangaroo/L-chichile.htm]
Many libertarians disagree with this assessment, claiming that the "[[miracle of Chile]]" vindicated their theories.
