I know this isn’t really the point of the data, but Venezuela and Chile aren’t neighbouring – they’re just over a thousand miles apart from one another
That’s American geography for you…Venezuela and Chile are as close to being neighbors as Florida and New York
America got involved pretty hard with Venezuela, and any Latin American country that was doing decent
It should be noted that chile’s gdp plunged nearly 12% in 1982 and fell another 5% in 1983 due in part to the latin american debt crisis. I’m sure that’s why 1983 was chosen as the start year since after the bottom fell out of the chilean economy it grew faster than any other latin american country for the next 16yrs until suffering a mild recession in 1999. Chile grew rapidly in the late 1970s & into the beginning of the 80s as the new free market experiment started in 1975 began to bear fruit. But much of the growth was fuelled by borrowed money (as was the case in most of latin america in the late 70s). And then interest rates shot up & the latin american debt crisis began, hitting chile hardest of all. Chile made corrections and that is when the economy took off for good.
If only Venezuela’s many, many failings were understood by those calling for bigger governmental controls and handouts.
![[OC] Venezuela vs Chile GDP](https://www.europesays.com/wp-content/uploads/2024/08/g8viio0z7zid1-1200x1024.png)
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Data sourced from: [https://ourworldindata.org/](https://ourworldindata.org/)
I know this isn’t really the point of the data, but Venezuela and Chile aren’t neighbouring – they’re just over a thousand miles apart from one another
That’s American geography for you…Venezuela and Chile are as close to being neighbors as Florida and New York
America got involved pretty hard with Venezuela, and any Latin American country that was doing decent
It should be noted that chile’s gdp plunged nearly 12% in 1982 and fell another 5% in 1983 due in part to the latin american debt crisis. I’m sure that’s why 1983 was chosen as the start year since after the bottom fell out of the chilean economy it grew faster than any other latin american country for the next 16yrs until suffering a mild recession in 1999. Chile grew rapidly in the late 1970s & into the beginning of the 80s as the new free market experiment started in 1975 began to bear fruit. But much of the growth was fuelled by borrowed money (as was the case in most of latin america in the late 70s). And then interest rates shot up & the latin american debt crisis began, hitting chile hardest of all. Chile made corrections and that is when the economy took off for good.
If only Venezuela’s many, many failings were understood by those calling for bigger governmental controls and handouts.
How the turntables have turned