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When Allende became president in 1970, he inherited a stagnating Chilean economy, heavily dependent on U.S. loans. Chile had begun a system of industrialization in the 1940s which encouraged self-sufficiency in consumer goods and ignored the export and agricultural sectors. The Chilean upper class did not make a sufficient investment in research and development to build industry for export, but preferred to rely on an easy internal market, protected by tariffs and an overvalued currency. The copper exports also failed to increase because U.S. companies used their profits from Chilean mines to invest elsewhere...

Author: By Jane B. Baird, | Title: Investors Shape Latin American Politics | 12/12/1973 | See Source »

...price of copper fell, and Chile found itself in a balance of payments crisis. U.S. and international organizations attempted to promote a favorable climate for private investment by filling the gap with loans. During this period, the Chilean economy did not grow, but the loans enabled the middle and upper classes to maintain a high level of consumption. In the years 1965-1970, foreign organizations loaned Chile $1.1 billion, increasing the already staggering foreign debt...

Author: By Jane B. Baird, | Title: Investors Shape Latin American Politics | 12/12/1973 | See Source »

...United States adopted a hard-line policy and cut off all credit from the Agency for International Development and the Export-Import Bank (Eximbank), as well as from U.S.-controlled international organizations, the World Bank and International Development Bank. As soon as these institutions withdrew their support for the Chilean economy, private U.S. and European banks withdrew credit for the short and medium-term loans which are necessary to normal import-export transactions...

Author: By Jane B. Baird, | Title: Investors Shape Latin American Politics | 12/12/1973 | See Source »

...protection of its business interests is always two-sided. As other economic aid was cut, the United States continued a high level of military aid to Chile, which was second only to its aid to Brazil between 1950 and 1970. Four thousand Chilean officers were trained in the Panama Canal Zone. General Pinochet, the head of the junta, had been Chile's military attache to the United States, and each of the other junta generals had spent some time in this country. Last spring, Nixon signed a statement waiving restrictions on selling sophisticated F-5E Freedom Fighter Jets to Chile...

Author: By Jane B. Baird, | Title: Investors Shape Latin American Politics | 12/12/1973 | See Source »

Urban guerrilla war has not met with success thus far. Marighela is dead, the Tupamaros are dispersed, and the Chilean people have not yet swung into action, although the Pinochet dictatorship says it expects urban outbreaks. In Argentina, the People's Revolutionary Army is in action, although the situation there is complicated by the curious figure of Juan Peron. The North American sociologists were both right and wrong. Industrialism did not cause revolutionary resistance to disappear, but neither has that resistance gained anything resembling political victory. The successes of urban guerrilla warfare have been almost exclusively informational: The kidnappings...

Author: By Daniel Swanson, | Title: Urban Guerrillas Try to Fight Military Rule | 12/12/1973 | See Source »

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