Chilean Elites and Foreign Investors: Chilean Nitrate Policy, 1880–82

Abstract

Chile's seizure of Peru and Bolivia's nitrate regions during the War of the Pacific (1879–83) opened a new and unprecedented era of prosperity for the Chilean economy. During the next forty years the export duty on nitrates fuelled a rapid increase in government revenues, and the entire domestic economy benefited from the development of the industry. Yet the incorporation of the nitrate industry into the national economy also appeared to signal a decline in the dynamism of the Chilean economic elite. Despite the dominant role which Chilean entrepreneurs had played in the development of the national economy prior to the war, 69 per cent of the nitrate industry was in British hands by 1890.

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