For decades, Chile stood as Latin America’s success story, achieving prosperity based on free-market policies. Trade liberalization, the privatization of state-owned industries, fiscal responsibility, and the like had been consistently supported by both center-left and center-right administrations since the return of democracy in 1990 and until the first part of the last decade. This model turned Chile into the richest country in Latin America.

But in 2019, following years of low growth and backtracking on the free-market model, widespread protests seemed to indicate that Chile’s free-market era was about to end. Moreover, the election of left-wing Gabriel Boric in 2021, with his promise to rewrite the Constitution, signaled that socialism could actually undo Chile’s progress. That process has now come to an end.

...read more at ato.org