From the streets of Santiago and Quito to the ballot boxes of Buenos Aires, many...
BRASILIA/SANTIAGO/BUENOS AIRES - From the streets of Santiago and Quito to the ballot boxes of Buenos Aires, many South Americans have strongly rejected in recent weeks their leaders’ free market agendas, amid outcry that they are fueling inequality across the region.
But while each country has its own issues, there has been a common backlash against the “market-friendly” policies pursued by some of those governments - such as the privatizing of state assets, reduction of public subsidies, and exposure of more aspects of society to market forces. The protests in Chile came hot on the heels of violent demonstrations in Ecuador sparked by a proposed cut to decades-old fuel subsidies, which forced the government to temporarily relocate the capital to Guayaquil.
By some measures, Chile is one of the most unequal countries in Latin America, though it also has the highest average income. According to Milanovic, the combined wealth of Chilean billionaires in 2015 was equal to a quarter of gross domestic product - the highest in the world, excluding tax havens like Cyprus, and around double the level of Mexico and Peru.
“But in some of these countries, Argentina and maybe Bolivia, the economy will take a more heterodox turn, with a greater role for the state,” De Souza said. “Pinera will try to endorse some social reforms in Chile, but the legitimacy of that generation of politicians is under threat.”The unrest coincides with a slide in Latin American economic growth in the wake of a long commodities-driven boom.
The process is not helped by government’s efforts in countries like Argentina, Chile and Brazil to reduce budget deficits.
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