Just eight months ago, President Salvador Allende Gossens bragged that "the Chilean road toward socialism has been reached with the least cost of any other revolution in the world." Unfortunately for Marxist Allende, Chile's socialist road now seems to be rather bumpy. Last week, in the wake of continuing economic decay, Allende announced a sweeping austerity program of "work, sacrifice and savings."
The new program is a mix of populist palliatives and sensible economic reforms. Allende promised to double chicken production to 100 million birds a year by 1975 and build a new sugar refinery as well as two milk-bottling...
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