In 1982–1983 Chile witnessed a severe economic crisis with a surge in unemployment and a meltdown of the financial sector.Sebastián Edwards, Alejandra Cox Edwards: Monetarism and Liberalization: the Chilean Experiment. University of Chicago Press, 1991, S. xvii. 16 out of 50 financial institutions faced bankruptcy. In 1982 the two biggest banks were nationalized to prevent an even worse credit crunch. In 1983 another five banks were nationalized and two banks had to be put under government supervision. The central bank took over foreign debts. Critics ridiculed the economic policy of the Chicago Boys as "Chicago way to socialism“.Robert G. Wesson: Politics, policies, and economic development in Latin America. Hoover Press, 1984, , S. 8.
In 1982–1983 Chile witnessed a severe economic crisis with a surge in unemployment and a meltdown of the financial sectorSebastián Edwards Alejandra Cox Edwards Monetarism and Liberalization the Chilean Experiment University of Chicago Press 1991 S xvii 16 out of 50 financial institutions faced bankruptcy In 1982 the two biggest banks were nationalized to prevent an even worse credit crunch In 1983 another five banks were nationalized and two banks had to be put under government supervision The central bank took over foreign debts Critics ridiculed the economic policy of the Chicago Boys as "Chicago way to socialism“Robert G Wesson Politics policies and economic development in Latin America Hoover Press 1984  S 8