Business: Chile: The Big Grab

WHEN Salvador Allende Gossens was elected President of Chile last year, some nervous Americans with investments there reassured themselves that, although Allende was a Marxist, he had always maintained a healthy respect for the due process of law. That assessment has proved correct, if a bit too sanguine. While giving conscientious attention to democracy and legality, Allende has nonetheless been expropriating American holdings almost as fast as he can. In July, he announced the nationalization of the mining interests of Anaconda, Kennecott and Cerro—but only after a constitutional amendment permitting the takeover...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!