LYCOS RETRIEVER 
Chile: Economies
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According to this assessment, Chile is a regional economic power and scores higher than average in all 10 areas of economic freedom, especially investment freedom, property rights, and freedom from corruption. The publication says that “Foreign investment is a cornerstone of Chile's strong growth, and allowing easy repatriation is an attraction to inbound capital. Overall, the rule of law is remarkably transparent and impartial”.
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Chile's main industry, copper mining, remained in government hands, but new mineral deposits were open to private investment. Capitalist involvement was increased, pension funds and healthcare were privatized, and Superior Education was ... placed in private hands. One of the junta's economic moves was fixing the exchange rate in the early 1980s, leading to a boom in imports and a collapse of domestic industrial production; this together with a world recession caused a serious economic crisis in 1982, where GDP plummeted by 14%, and unemployment reached 33%. At the same time, a series of massive protests were organized, trying to cause the fall of the regime, without success.
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Chile defeated Bolivia and Peru in a regional war (1879-1883) for the control of the Atacama Desert areas. During that war Chile gained more land to the north and Bolivia lost its outlet to the open sea; proving disastrous (even today) for its economy.
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Chile was forcefully transformed from an economy isolated from the rest of the world, with strong government intervention, into a liberalized, world-integrated economy, where market forces were left free to guide most of the economy's decisions. This period was characterized by several important economic achievements: inflation was reduced greatly, the government deficit was virtually eliminated, the economy went through a dramatic liberalization of its foreign sector, and a strong market system was established.
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The economy, in tatters under Allende's Socialist revolution, gradually improved after Chile's return to privatization under Pinochet. In 1989, Pinochet lost a plebiscite on whether he should remain in power. He stepped down in Jan. 1990 in favor of Patricio Aylwin. In Dec. 1993, Eduardo Frei Ruiz-Tagle, the candidate of a center-left coalition and son of a previous president, was elected president.
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