At the Financial Times, Martin Sandbu punches a hole in the myth that Gen. Augusto Pinochet’s long dictatorship (1973-1990) guided Chile’s economy to prosperity with a series of market-fundamentalist economic reforms.

“In terms of economic prosperity, the most generous description of the dictatorship’s achievement is ‘erratic,'” Sandbu writes, pointing out that the economy took nosedives in 1974-5 and 1982-3. By 1990, real GDP per capita was only slightly more than what it was in 1973.

The real prosperity came later, during Chile’s democratic period, averaging 4 percent per year from 1990 to 2010, as this masterfully named chart makes clear.