There is no secret in the economy of Chile, just a simple metal, copper. The copper is a metallic element that came from the depths of the Earth millions of years ago, driven by the geological processes that sculpted our planet. And when you get near the surface gave rise to various types of deposits.
After this magnificent discovery of copper, Chile knew they had something with big value in their hands. Copper is not something you see everyday but its something we use everyday. Copper is used almost for everything in our daily lives,, like for example a lot of electricity cables are made from copper because this material is high in conductivity.
In December 1970, the President Salvador Allende Goosen announced the call nationalization of mixed companies operating in Chile. Process that was born with the amendment of article 10 of the Political Constitution of the State of Chile, regarding the right to property, and adds a transitional provision which establishes that "by required by the national interest and in the exercise of the sovereign and inalienable right of the State to freely dispose of their natural wealth and resources, nationalizes and declared by both built-in to the full and exclusive domain of the Nation, foreign companies, which constitute the large-scale copper mining" In a few words, let's export our copper.
After this nationalization, Chile's economy went up and up. They had a few setbacks like everything, but this does not stopped Chile's extraction of copper. An example was the 33 miners trapped underground the surface and this was a result of the poor labor conditions and regulated safety procedures of the foreign companies. After this incident a lot of safety regulations started to grow making the process of extracting copper more reliable.
Reference:
https://en.wikipedia.org/wiki/Chilean_nationalization_of_copper
http://digitalcommons.law.villanova.edu/cgi/viewcontent.cgi?article=1985&context=vlr
After this magnificent discovery of copper, Chile knew they had something with big value in their hands. Copper is not something you see everyday but its something we use everyday. Copper is used almost for everything in our daily lives,, like for example a lot of electricity cables are made from copper because this material is high in conductivity.
In December 1970, the President Salvador Allende Goosen announced the call nationalization of mixed companies operating in Chile. Process that was born with the amendment of article 10 of the Political Constitution of the State of Chile, regarding the right to property, and adds a transitional provision which establishes that "by required by the national interest and in the exercise of the sovereign and inalienable right of the State to freely dispose of their natural wealth and resources, nationalizes and declared by both built-in to the full and exclusive domain of the Nation, foreign companies, which constitute the large-scale copper mining" In a few words, let's export our copper.
After this nationalization, Chile's economy went up and up. They had a few setbacks like everything, but this does not stopped Chile's extraction of copper. An example was the 33 miners trapped underground the surface and this was a result of the poor labor conditions and regulated safety procedures of the foreign companies. After this incident a lot of safety regulations started to grow making the process of extracting copper more reliable.
Reference:
https://en.wikipedia.org/wiki/Chilean_nationalization_of_copper
http://digitalcommons.law.villanova.edu/cgi/viewcontent.cgi?article=1985&context=vlr