Why has Chile been able to develop a successful economy while the rest of Latin America hasn’t?
After the crises we went through in the 1960s and 1970s, the country started to embrace fiscal responsibility. Second, we decided to open to trade. That process was initiated in the 1970s and continues today. We’ve also had very responsible governments [following the transition from Augusto Pinochet]. The past three administrations have built on Chile’s strengths rather than change everything.
Is it the economic model that other Latin American countries should follow?
It’s very difficult.
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