Chile began its march to success after the overthrow of Marxist Salvador Allende in 1973 by Gen. Augusto Pinochet

Socialist policies undoing success of 

South America’s strongest economy

By Richard W. Rahn

• Why do very successful nations often adopt policies that lead to their undoing? 

• After a revolution or major reform, some countries allow a high degree of economic freedom, establish the rule of law, protect private property rights and establish low tax rates with strict limits on government spending and regulation.

• The economy takes off, the citizens become far richer and then the government mucks it up, usually by attempting to redistribute income and expand state control.

• Is Chile, which has been one of the bright spots in the world economy, falling into this pattern under socialist President Michelle Bachelet?

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