This segment explains the controversial role of the "Chicago Boys," a group of economists who implemented neoliberal policies in Chile during the 1970s and 80s. It describes their influence, the privatization efforts, and the resulting economic consequences, both positive and negative. This segment details Chile's historical path to economic growth, emphasizing the role of early political stability and the strategic focus on business-friendly governance. It contrasts Chile's experience with its volatile Latin American neighbors, setting the stage for understanding its unique trajectory. This segment assesses the long-term impact of the "Chicago Boys" policies, focusing on the persistent issue of wealth inequality and its social and political consequences. It explores the ongoing tensions between economic growth, social justice, and the need for sustainable development in Chile. and education. In an effort to awaken a sense of competitiveness in the Chilean economy. And for a short while, it worked, at least partially, Inflation remained high, but it did drop from over 200% to an annual average of 79.9%. And the open market strategy did encourage more trade and competition. But then came the real challenge that ender the Chicago boys active participation in the Chilean economy. Something that plagues developing countries all over the world. Export dependency combined with antiquated policy when the price of copper fell along with the country's other main export commodities. The US dollar was simultaneously appreciating with the rising interest rates. Chile stagnation became a huge problem, and these recent improvements and long--standing export strengths were no longer insulating them from changes beyond their borders. A major reason for this was that the Chilean central bank had pegged its currency to the US dollar in 1979 with an emphasis on lowering the rate of devaluation. Again, the country's aim was to drive inflation closer to international levels. The government also believed that the pre--announcement of the devaluation would help to remove uncertainty and align domestic interest rates with those abroad. they lifted trade restrictions, reduced tariffs. All in an effort to tell people to get their dinosaur juice from. Chile, on the other hand, is responsible for exporting a third of the world's copper, right? As this material is going into more and more manufactured products than ever before, it has become a mining powerhouse by being arguably over accommodating a foreign resource companies. And if it's people decide that they've had enough of giving their resources away, it could have major ramifications for the global economy. So Chile is more than a case study into the relative success of a South American nation or the issues of under-taxation and regulation. It's an important country to watch purely for our own selfish interests. So how did Chile become the apparent success story It is today? Has that success really translated into a high quality of life for its people. And finally could the country address these concerns without crippling some of the world's most important industries. Once we've done all that, we can put Chile on the economics explained. leaderboard. Energy use tracks basically one to one with the GDP of a country, the more energy a country consumes, the higher it's GDP. But of course the country requires new small businesses to create the opportunities that all kinds of energy usage, fossil fuels or otherwise unlock for a lot of businesses. This often means shipping directly to people's homes. That's where our sponsor for this video stamps.com comes in They have discounts of up to 89% off UPS and USPs So you can send