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Latin America’s Shock Resistance

“…. for the past thirty-five years in Latin America, such shocks from outside have served to create the political conditions required to justify the imposition of “shock therapy”–the constellation of corporate-friendly “emergency” economic measures like large-scale privatizations and deep cuts to social spending that debilitate the state in the name of free markets. In one of his most influential essays, the late economist Milton Friedman articulated contemporary capitalism’s core tactical nostrum, what I call the shock doctrine. He observed that “only a crisis–actual or perceived–produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around.” “

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