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Social Security Or Plunder?

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Chapter Summary

Chile has been shown to the world as the success story of neoliberalism. Government authorities have stated that Chile was armored against the crisis. In Chile, the severe impacts of the crisis have up until now negatively affected consumption, investment and national production. Additionally, national production faces strong international competition enhanced by the Free Trade Agreements (FTAs), intensifying Chilean economic recession, which have already pointed out, started in the third quarter of 2008. The author presents some of the main fundamentals and transformations within the Chilean economy associated with neoliberalism that allow for the rapid transmission of the global crisis to the Chilean economy: the fall in copper prices; the de-nationalization of this basic resource which is of fundamental importance for the country; social security based on individual capitalization and the loses in workers' Pension Funds; and labor flexibility with its consequent strong increase in unemployment.

Keywords:Chile; free trade agreements (FTAs); neoliberalism; world economic crisis



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