The monetarist shock treatment, along with the establishment of a free trade regime, deregulation of finance sector activities, and a second wave of privatizations of traditional (and profitable) state-owned companies, were the primary components of the first neoliberal package (Tironi 1982; Olave Castillo 1997, 53–105). Profound restructuring was further enabled by access to foreign credit, which helped to control the adverse effects of the shock treatment—namely, soaring imports due to overvaluation of the peso, deindustrialization due to import competition, and rapidly rising unemployment.

Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, loc. 1577