Episode 905: The Chicago Boys, Part I : Planet Money Today Chile has one of the wealthiest, most stable economies in South America. But it was born in a violent struggle, between Marxism and capitalism, democracy and dictatorship.
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Episode 905: The Chicago Boys, Part I

Chilean President Salvador Allende is pictured here waving to a crowd after his election victory in 1970. General Augusto Pinochet, the man who would replace Allende after a coup, and reverse his socialist policies, is on horseback. (L) STF/AFP/Getty Images hide caption

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STF/AFP/Getty Images

Chilean President Salvador Allende is pictured here waving to a crowd after his election victory in 1970. General Augusto Pinochet, the man who would replace Allende after a coup, and reverse his socialist policies, is on horseback. (L)

STF/AFP/Getty Images

This is the first part in our series on Marxism and capitalism in Chile. You can find the second episode here.

Chile is one of the wealthiest, most stable economies in South America. But to understand how Chile got here--how it became the envy of neighboring countries --you have to know the story of a group of Chilean students who came to study economics at the University of Chicago. A group that came to be known as the Chicago Boys.

In the 1960s, their country was embracing socialism. But the Chicago Boys would take the economic ideas they had learned at Chicago and turn them into policies in Chile. They ended up on the front lines of a bloody battle between Marxism and capitalism, democracy and dictatorship.

Music: "Mystery Inc," "Don't Cry To Me" and "Spinning Piano."

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