Taking Naomi Klein\’s word on matters economic is certain to lead you into error.
The first such opportunity was provided by General Pinochet\’s coup in Chile. The coup was plotted by two factions: the generals and a group of economists trained at the University of Chicago and funded by the CIA. Their ideas had already been comprehensively rejected by the electorate, but now the electorate was irrelevant: Pinochet used the crisis he had created to imprison, torture or kill anyone who dissented. The Chicago School policies – privatisation, deregulation, massive tax and spending cuts – were catastrophic. Inflation rose to 375% in 1974; the highest rate on earth.
You see, the thing is, the Chicago Boys didn\’t take the economic reins until 1974/5.
In 1972, Chile\’s inflation was at 150%. According to Hernán Büchi, several factors such as expropriations, price controls, and protectionism led to economic problems. The Central Bank increased the money supply to pay for the increasing deficit. Büchi states that this increase was the primary cause for inflation.
Immediately following the Chilean coup of 1973, Augusto Pinochet was made aware of a confidential economic plan known as El Ladrillo  (literally, \”the brick\”), so called because the report was \”as thick as a brick\”. The plan had been quietly prepared in May 1973  by economists who opposed Salvador Allende\’s government, with the help from a group of economists the press were calling the Chicago Boys, because they were predominantly alumni of the University of Chicago. This document contained the backbone of what would later on become the Chilean economic policy, recommending a set of economic reforms that included deregulation and privatization. Among others, they privatized the pension system, state industries, and banks, and reduced taxes. Pinochet\’s stated aim was to \”make Chile not a nation of proletarians, but a nation of entrepreneurs.
The first reforms were implemented in three rounds – 1974-1983, 1985, and 1990.
So what was actually happening to the economy in 1974 was the holdover from the previous regime: from Allende and his socialists.