Word: fomento
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Dates: during 1950-1959
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President Gabriel González Videla announced last week that uranium had been discovered in Chile. Geologists of the U.S. Atomic Energy Commission, secretly brought in last year by the Chilean Development Corp. (Fomento) to explore likely areas in north central Chile, found two deposits near La Serena and Vallenar. Proclaiming that "the discovery will bring the country unsuspected wealth," President González asked Congress for a law that will place all Chilean Uranium under government control...
...with living costs ten times as high as in 1930 and climbing higher it seems necessary to slow down a bit on industrialization and face up to the problems of credit, taxes, wages and prices so that Chile's economy can hold steady until the fruits of Fomento come onto the market. Gonzalez, who knows this, may not even discuss industrial loans on this visit. But if he asks counsel and help for his anti-inflationary fight, he will get plenty from men in Washington who strongly feel that a democracy like Chile's deserves all the help...