The Great Depression that begun 1929 was felt strongly in Chile from 1930 to 1932.[1] Saltpetre and copper exports collapsed.[1] The World Economic Survey of the League of Nations declared Chile the worst affected nation by the depression.[1][2] Such economic devastation worsened Chile's economic prosperity, highlighted particularly in 1932 that exemplifies a rapid fall in exports, imports, GDP and the value of industrial production from pre-depression levels. Chiles exports dropped from US$279m in 1929 to US$35m in 1932,[3] which in real terms corresponds to 1/6 of export level in 1929.[2] In accordance to this time period, Chile's imports fell from US$197m in 1929 to US$26m in 1932 (Thorp 1984, p. 333). Similarly, real GDP dropped from 100 in 1929 to 67 in 1932,[4] contributed by the fall of the value of production from 100 in 1929 to 77 in 1932 alongside a rapid decrease in the average annual production that reached the equivalent to one quarter of 1929 levels in December 1932.[5] Alongside a decrease in employment in the mining sector, in terms of GDP and productive activity, mining dropped to 26.3 in 1932 from 1929 levels of 100.[6]
Chile's economic struggles during the Depression were further compounded by a decrease of foreign loans. This contributed to an increase in Chile's budget deficit and reduced government revenue, resultant of their heavy reliance on Foreign financial support, in particular US support, to drive Economic growth pre-depression. Whilst Chile in 1929 received a total of US$338 million of foreign loans, in 1932 they only received US 23 million.[7] In this same period, Chile's budget deficit rose from 31% of total expenditure in 1931 to 37% in 1932.[8]
^ abc"El impacto de la Gran Depresión en Chile: De la prosperidad a la pobreza", Memoria Chilena, retrieved June 30, 2013
^ abThorp 2000, p. 64.
^Thorp 2000, p. 332.
^Thorp 2000, p. 334.
^Thorp 2000, p. 335.
^Thorp 2000, p. 67.
^Thorp 2000, p. 65.
^Cite error: The named reference Thorp66 was invoked but never defined (see the help page).
and 27 Related for: Great Depression in Chile information
The GreatDepression that begun 1929 was felt strongly inChile from 1930 to 1932. Saltpetre and copper exports collapsed. The World Economic Survey of...
The GreatDepression (1929–1939) was a severe global economic downturn that affected many countries across the world. It became evident after a sharp decline...
were economically impacted by the Depression included Brazil, Cuba, Chile, Mexico, and Peru. The GreatDepression, which followed the Wall Street Crash...
Throughout the industrial world, cities were devastated during the GreatDepression, beginning in 1929 and lasting through most of the 1930s. Worst hit were port...
Chile is scheduled to compete at the 2024 Summer Olympics in Paris from 26 July to 11 August 2024. Since the nation's debut in 1896, Chilean athletes have...
British economy had been in continuous depression from 1873 to as late as 1896 and some texts refer to the period as the GreatDepression of 1873–1896, with...
Chile, officially the Republic of Chile, is a country in western South America. It is the southernmost country in the world and the closest to Antarctica...
the GreatDepression because 80% of government revenue came from exports of copper and nitrates, which were in low demand. After the GreatDepression Chilean...
increase in foreign investments. The GreatDepressioninChile brought initially a period of deflation of currency followed by inflation in 1931 and 1932...
Glaser-Schmidt (Fall 1995). "The Guggenheims and the Coming of the GreatDepressioninChile, 1923-1934" (PDF). Business and Economic History, Volume twenty-four...
Huidobro went back to Chilein 1932, under the pressure of the GreatDepression. InChile, he published "Gilles de Raíz". In 1933, he got involved with...
often highlighted in explanations of the causes of the worldwide GreatDepression. It was the most devastating stock market crash in the history of the...
local business class, a novelty inChile. Chile experienced its first modern economic crisis with the Long depressionin the 1870s. The exploitation of...
control. Almirante Latorre was placed in reserve for a time in the 1930s because of the GreatDepression, but it was in good enough condition to receive interest...
The "Miracle of Chile" was a term used by economist Milton Friedman to describe the reorientation of the Chilean economy in the 1980s and the effects...
Chile (Spanish: [san̪ˈtja.ɣo ðe ˈtʃi.le] ), is the capital and largest city of Chile and one of the largest cities in the Americas. It is located in the...
created. Metropolitana is Chile's only landlocked region and lies in the Intermediate Depression valley between the Chilean Coast Range and the Andes...
recession triggered a depressioninChile, General Pinochet turned to the "Chicago Boys"; he appointed several of them to powerful positions in the government...
Crisis (1640) Arguably the largest worldwide crisis in history[opinion] Great Tobacco Depression (1703) (British America) South Sea Bubble (1720) (UK)...
fuels) during the early 21st century (2000–2014), following the Great Commodities Depression of the 1980s and 1990s. The boom was largely due to the rising...
Argentina and Chile. The region comprises the southern section of the Andes Mountains with lakes, fjords, temperate rainforests, and glaciers in the west and...
Chilean copper industry, commonly described as the Chileanization of copper (Spanish: Chilenización del cobre) was the process by which the Chilean government...
Republic of Chile (Spanish: República Socialista de Chile) was a short-lived (4 June 1932 – 13 September 1932) political entity inChile, that was proclaimed...
The Chilean Navy (Spanish: Armada de Chile) is the naval warfare service branch of the Chilean Armed Forces. It is under the Ministry of National Defense...
recognize post-natal depression as an illness; rather, it was viewed as a state of unhappiness that did not require any health interventions. In contrast to the...