Hernán Büchi facts for kids
Quick facts for kids
Hernán Büchi Buc
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Büchi in 2011
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| Minister of Finance | |
| In office 12 February 1985 – 5 April 1989 |
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| President | Augusto Pinochet |
| Preceded by | Luis Escobar Cerda |
| Succeeded by | Enrique Seguel Morel |
| Personal details | |
| Born |
Hernán Alberto Büchi Buc
6 March 1949 Iquique, Chile |
| Political party | Independent Democratic Union (1987-present) |
Hernán Alberto Büchi Buc (born March 6, 1949) is a Chilean economist. An economist is someone who studies how money, goods, and services are made and used. He worked as the Minister of Finance for the Chilean government during the time of Augusto Pinochet. In 1989, he ran for president of Chile but did not win.
Contents
Early Life and Education
Hernán Büchi was born in Iquique, Chile. His family had roots in Switzerland, Germany, and Croatia. He went to school at Instituto Nacional General José Miguel Carrera in Santiago.
After studying mining at the University of Chile, he traveled to the United States. There, he earned a special business degree called an MBA from Columbia University in 1975. Even though he didn't study at the University of Chicago, he is often linked to a group called the Chicago Boys. This is because he believed in similar economic ideas, like having less government control over businesses.
In 1975, Hernán Büchi started working as an advisor for the Secretary of Economics. He also became the head of the board for a state-owned sugar company. Later, in 1978, he joined the board of the state-owned telephone company.
Working for the Government
In 1979, Hernán Büchi became the Vice-Secretary of Economics. He worked with José Piñera, who helped create a private pension system in Chile. A pension system helps people save money for when they retire.
From 1980 to 1983, he was the Vice-Secretary of Health. In this role, he helped prepare for health insurance to be managed more by private companies. During a tough economic time in Chile (1983-1984), he became the Minister of Planning. He also oversaw banks and financial groups.
From 1985 to 1989, he served as the Minister of Finance. This is like being the head of the country's money department. He focused on ideas that aimed to control inflation and encourage economic growth.
Historian Edwin Williamson noted that Büchi's work helped the economy recover. His plan focused on growing the economy by selling more goods to other countries. He also worked to control government spending and encourage people to save money. These efforts helped bring inflation down to 12% by 1989, which was very low for Latin America at the time. He also helped reduce Chile's national debt by selling parts of it to private investors. During these years, Chile's economy grew by 5% to 6% each year.
After Government Work
After 1990, when Augusto Pinochet was no longer in power, Hernán Büchi started an organization called "Liberty and Development Institute." He is currently the chairman of its "International Economy Center Council." This institute gets funding from various foundations.
Since 1990, he has also advised governments in Latin America, Eastern Europe, and Asia. He has been a leader or member on the boards of many public companies.
Presidential Campaign
In 1989, Hernán Büchi ran for president of Chile. He was supported by several right-wing political parties. He even hired an advisor who had worked for former British Prime Minister Margaret Thatcher.
In the election, Büchi came in second place with about 29.40% of the votes. Patricio Aylwin won the election with 55.2% of the votes. Interestingly, Büchi received more support from women than men in most areas of Chile.
Later Career
Since 1994, Büchi has been the head of the board of directors for Lucchetti, a Chilean food company. This company was part of the Luksic group, which was Chile's first multinational company. Lucchetti was later bought by Grupo Nutresa S.A. in 2013.
Büchi has also been involved with other important companies and organizations. He was the head of the board for the Chilean Mining Company. He has also advised the board of directors for Banco de Chile since 2008. He is also the chairman of the Directive Council of Universidad del Desarrollo.
He has been a board member for Quiñenco S.A., a large holding company, and Consorcio Nacional de Seguros, a big Chilean insurance company. He also worked with Falabella S.A., a major retail company.
Books
In 1993, Hernán Büchi wrote a book called "The Economic Transformation of Chile: A Personal Account." In this book, he shared his experiences as the Minister of the Treasury from 1985 to 1989. He discussed how Chile's economy became more open and how he played a part in that change. The book was translated into English in 2009.
See also
In Spanish: Hernán Büchi para niños
- Chicago Boys
