Word: coppered
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Without giving specifics, the junta indicated that foreign investment would be welcome again in Chile. Opportunities would be offered to "anyone who makes a fair deal." The copper industry, on which Chile depends for a large portion of its earnings, was to be spurred to better efforts. Under Allende production fell to 717,000 metric tons in 1972 and a predicted 680,000 tons this year...
...American Experts James F. Petras and Robert LaPorte Jr. noted in Foreign Policy magazine, "Dominican style 'gunboat diplomacy' has been replaced by 'credit diplomacy.' " But the Chilean economy was already in a sorry state as a result of the drop in the world price of copper and inefficient fiscal management...
...office, Allende moved swiftly to change the economic face of the country. His Christian Democratic predecessor, Eduardo Frei, had already introduced agrarian reforms and pushed government participation in industry. But Allende inaugurated a far more sweeping program of government ownership and operation, beginning with total ownership of the giant copper operations, whose U.S. owners had been woefully slow in training Chileans for more important, better paying jobs. Cement, steel, electricity and telephones were also nationalized, along with both foreign and domestic banks. Labor unions were given control of new plants that went up in belts around Santiago, close by tidy...
...principal cause of Allende's downfall was his inability to settle a series of crippling strikes−staged not by leftist labor unions but by the President's implacable middle-class enemies. Earlier this year, workers at El Teniente, the world's largest underground copper mine, marched out on a 74-day strike for higher wages that cost the government nearly $75 million in lost revenue...
...unrest spread. Three weeks after the copper strike was settled, the powerful truckers (most of the country's commerce travels by road) went out on strike again. They had first struck in October, complaining about a lack of spare parts and the government's increasing trucking operations. This time they charged that Allende had reneged on agreements made last fall to ease both situations. The new strike cost Chile nearly $6 million a day as food supplies dwindled, fuel vanished and crop shortages loomed because seeds and fertilizer could not be delivered...