Hernán Büchi facts for kids
Hernán Alberto Büchi Buc (born March 6, 1949) is a Chilean economist. He served as the Minister of Finance for the Chilean government between 1985 and 1989. In 1989, he ran for president of Chile but was not successful. He had the support of several right-wing political parties.
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Early Life and Education
Hernán Büchi was born into a Roman Catholic family 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 the "Chicago Boys". This group of economists believed in similar free-market ideas.
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.
Work in Government
In 1979, Büchi became the Vice-Secretary of Economics. He worked closely with the Minister for Labor, José Piñera, who helped create a new private pension system in Chile. From 1980 to 1983, Büchi was the Vice-Secretary of Health. In this role, he helped prepare for changes that would make health insurance more private.
During a tough economic time in Chile in 1983 and 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. In this important job, he focused on controlling the money supply and keeping prices stable.
A historian named Edwin Williamson described Büchi's time as finance minister. He said that Büchi's work helped the economy start to get better. Büchi wanted to create good conditions for businesses to grow 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 (when prices go up) down to 12% by 1989. This was the lowest rate in Latin America at the time. He also helped reduce the country's debt by selling parts of public companies to private investors. Between 1985 and 1988, Chile's economy grew by 5% to 6% each year. This was the fastest growth in the region.
After the Pinochet government ended in 1990, Büchi started a group called "Liberty and Development Institute." He is currently the head of its "International Economy Center Council." Since 1990, he has also advised governments in Latin America, Eastern Europe, and Asia. He has been a leader or member of the board for several public companies.
Presidential Campaign in 1989
In the 1989 Chilean presidential election, Hernán Büchi ran for president. He was supported by several right-wing parties, including the Democracy and Progress Party and Renovación Nacional. He even hired a public relations advisor who had worked for former British Prime Minister Margaret Thatcher.
Büchi finished second in the election. He received 2,051,975 votes, which was about 29.40% of the total. Patricio Aylwin won the election with 55.2% of the votes. Interestingly, Büchi received more support from women than men in most parts of the country.
Later Career (1994-Present)
Since 1994, Büchi has been the head of the board of directors for Lucchetti, a Chilean food company. This company was owned by the Luksic group, which is a very large business in Chile. Lucchetti was later bought by another company, Tresmontes, and then by Grupo Nutresa S.A. in 2013.
Hernán Büchi has also held other important positions. He has been the head of the board for the Chilean Mining Company. Since 2008, he has advised the board of directors for Banco de Chile, a major bank. He is also the head of the Directive Council for Universidad del Desarrollo, a university. Additionally, he advises the Instituto Libertad y Desarrollo.
He has also served as a board member for large holding companies like Quiñenco S.A. and Consorcio Nacional de Seguros, which is a big Chilean insurance company. He has also been on the board of Falabella S.A., a large 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 talked about how Chile's economy became more open and free, and the part he played in those changes. The book was translated into English in 2009.
See also
- Crisis of 1982
- El ladrillo
- Sergio de Castro (economist)
- Chicago Boys
Images for kids
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In Spanish: Hernán Büchi para niños
