Word: coppers
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Last week's "victory" hardly solves his problems, however. Although the soaring price of copper (up from 460 to 680 per pound) could bring Chile an extra $300 million in hard currency this year, the nation will have to import twice that much in food just to maintain current standards...
Economic difficulties have also contributed to Popular Unity's problems. The 1970 nationalization of the nation's largest industry, copper, mining and smelting, was followed by a production decline as American firms departed for good, taking their expertise with them...
Allende has charged that the nationalization has prompted a retaliatory United States trade boycott. His claim seems justified: Anaconda and Kennecott Copper, giants on the American corporate landscape, were crippled by the move, and one-side-revelation of the ITT case last year was that the conglomerate contemplated toppling Popular Unity to safeguard its investments...
Despite Chile's difficulties, support for Popular Unity is growing. The profits from copper, once extracted for American corporate barons, now benefit the Chilean people, and the country is now the master of its own economic destiny. Social reforms have added to Allende's already broad base of support among the working class and peasant Chileans...
Smith had hoped that by shutting the border and cutting road and rail links with Zambia (while leaving rail lines open for copper shipments) he could force the Zambian government to crack down on the rebels. The scheme backfired badly. Zambian President Kenneth Kaunda, who had previously given the guerrillas little encouragement, promptly stopped shipping copper through Rhodesia, a move that could mean financial disaster for the country's money-losing railroad. "History may prove it was the wrong decision," Smith conceded last week...