Chile's recent copper‐driven prosperity: does it provide lessons for other mineral rich developing nations?

Abstract

While the copper industry has had an important role in Chile's economic development for more than 150 years, a dramatic increase in copper production has provided the base for strong new growth and development since the late 1980s. The recent Chilean success supports the traditional view of the positive relationship between mineral exploitation and mineral development. As such, it provides a strong counter example to the resource curse thesis, recently proposed by several authors. Using a simple policy framework outlined by Weber‐Fahr (2002), this paper considers several of the key reasons that appear to be important to the recent Chilean success story. It then proceeds to consider how these fit in with suggested policy strategies suggested by the World Bank, and also by Ross (2001).

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