Book Review of ‘The Shock Doctrine’

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Book Review of ‘The Shock Doctrine’ ‘The Shock Doctrine’ is a book by Naomi Klein that links the global geopolitics, globalization, financial performance, and history from an economics perspective. In this case, Naomi presents shock doctrine as an economics theory explaining the reactionary nature of global economies in response to the illusion of a free market. To support her ideas, the author advances the notion that the global economy is operating within the shock doctrine by applying reactionary principles as seen in the aftermath of disasters when markets tumble (Klein, 2007). These ideas are explored and exemplified in the section on ‘The Myth of the Chilean Miracle’, which is presented from a historical point of view. The section begins by mentioning that even after three decades of the Chilean miracle being applied, a debate still rages on about whether or not it was successful as an example of free market policies in effect. It goes on to state that the question should not be about who, between Chicago Boys and Pinochet, is responsible for Chile’s economic success. Rather, the question should be whether or not there was any success at all. It concedes that despite the application of shock therapy to buffer the country against economic panic and disorientation, there was a period when the country approached an economic crisis and the economy crashed. This occurred when financial houses incurred enormous debt against the nation’s assets. This debacle brought the shock therapy into question with the government forced to reexamine its economic policies. The country’s saving grace was its cautious application of the shock therapy and decision to

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