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Privatization and business groups: Evidence from the Chicago Boys in Chile

Resource Type
  • Aldunate, Felipe (Pontificia Universidad Catolica de Chile)
  • González, Felipe (Pontificia Universidad Catolica de Chile)
  • Prem, Mounu (Universidad del Rosario)
  • Urzúa I, Francisco (City University of London)
Publication Date
  • Abstract

    Business groups are the predominant organizational structure in modern Chile. This article tests the long-standing hypothesis that the privatization reform implemented by the “Chicago Boys” during the Pinochet regime facilitated the creation of new groups and hence the renovation of the country’s elites. Using new data we find that firms sold during this privatization later became part of new business groups, process aided by an economic crisis that debilitated traditional elites. Moreover, some firms were bought by Pinochet’s allies and were later used as providers of capital within groups. We conclude that privatizations can empower outsiders to replace business elites.
This study is freely available to the general public via web download.
  • Has version
    DOI: 10.3886/E120488V1

Update Metadata: 2020-07-31 | Issue Number: 1 | Registration Date: 2020-07-31

Aldunate, Felipe; González, Felipe; Prem, Mounu; Urzúa I, Francisco (2020): Privatization and business groups: Evidence from the Chicago Boys in Chile. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset.