CHILE: Economy Under Repairs

Chile, the "shoestring country" that U.S. children learn about from their fourth-grade geography books, is in the toils of a silent and hopeful revolution, no less tense and dramatic for being economic rather than political. The astonishing evidence is that a 40-year-old inflation, moving with express-train acceleration, has been braked to a stop since January. The significance is that Chile, while the world of economists and traders watches with interest and hope, is scrapping outmoded government controls and veering toward a free economy.

The abrupt change from familiar controls to chancy freedom might be no great trick for a South American...

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