Chilean economic miracle

The Chilean economic miracle refers to a period starting in the late 1970s and continuing through the 1980s and 1990s, during which Chile experienced rapid economic growth, stability, and increased living standards. This transformation was driven by market-oriented reforms, such as privatization of state-run industries, open trade policies, fiscal discipline, and deregulation. These policies attracted foreign investment and promoted entrepreneurship, leading to a more dynamic economy. As a result, Chile became one of Latin America's most stable and prosperous countries, with significant reductions in poverty and improvements in infrastructure and education.