This week in Global Thinking we've been exploring free market capitalism, both in theory and practice. We began by examining the economic model developed by Milton Friedman, who is considered the father of modern-day capitalism, that is rooted in voluntary exchanges based on mutual benefit of all parties involved. From there we dug a bit deeper to analyze how competition, privitization, innovation, wealth, and other key concepts of capitalism play a role in today's global economic system. To get a bit of a historical context, and since learning is always more powerful when we can relate it back to the greater world, students read a chapter from Naomi Klein's award-winning bestseller The Shock Doctrine which describes how Pinochet rose to dictatorial power in Chile in the 1970s. With the help of the US government, the CIA, and Milton Friedman himself, Pinochet overthrew democratically elected president Salvador Allende and imposed free market capitalism, privitizing many sectors of the economy and causing an ubrupt spike in inflation, unemployment, and incredible wealth disparity in the country.
At the beginning of the semester students self-reflected on their strengths in learning styles to find out whether they are more of a kinesthetic, auditory, or visual learner. The case study of Chile is no simple topic, so I made sure to provide mediums of learning that could reach all students and their various learning styles. We began by reading the text for homework, then watched the documentary version of The Shock Doctrine to help clarify the players involved and their roles in the event. To fully solidify our comprehension of the effects of free-market capitalism in Chile, and to remind ourselves that learning can be fun, we ended with an improv game where we acted out the story ourselves. Check out some snapshots from the day! And if you'd like to watch The Shock Doctrine, you can find it here: https://www.youtube.com/watch?v=550p455dfM4&list=PL1DE69769369B7089