Yesterday's post... reminded me of free market reforms Chile began implementing during the regime of former dictator Augusto Pinochet and his successors, and the socialist reforms implemented by Venezuelan dictator Hugo Chavez and his successor.
As luck would have it, I stumbled across a comparison of the two nations at Human Progress entitled, "Chile is thriving – so why is socialism rising?"
Here's an excerpt from the December 2016 article:
"Today, Chileans are 51 per cent richer than Venezuelans. Unemployment in Chile stands at 6 per cent. In Venezuela it stands at 17 per cent. Chile’s inflation is 3 per cent and Venezuela’s 487 per cent. In 2016, the Chilean economy grew by 2.7 per cent. It shrunk by 10 per cent in Venezuela. Chile’s debt is 17 per cent of its GDP. Venezuela’s is 50 per cent.
"In 1974, life expectancy in Venezuela was 1 year higher (66) than that in Chile (65). In 2015, an average Chilean could expect to live 8 years longer (82) than an average Venezuelan (74). In 1974, infant mortality in Chile was 60 out of 1,000 live births.
"In Venezuela, it stood at 43. Since then, Chile reduced infant mortality by 88 per cent (to 7) and Venezuela by 70 per cent (to 13). Last, but not least, Chile has received a perfect score (10 out of 10) on a democracy index compiled by the Center for Systemic Peace, while Venezuela languishes at 4 out of 10."
There is much about Pinochet that is indefensible, but when he finally "saw the eocnomic light" so to speak, he started Chile on a path of economic success.
If you would like to learn more about Chile's economic transformation click here... here... here... and here...
