Key Reforms of Chile to Become the First Developed Country in Latin America - Paper Example

First Paragraph

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Chile has grown to become the only developed nation in Latin America. The country has been very diligent in the creation of opportunities that offer its citizens equally chance to gain economic and personal fulfillment. One of the most important influences that have seen the country develop is the reforms that President Sebastian Pinera has implemented (Larroulet, 2013). The policies that were implemented affected the social, political, educational and institutional fields of their society and economy. The country has been able to survive the tsunami that affected its progress in 2007 and develop opportunities for its people. Some of the key features of the policy on personal and economic development encourage autonomy, responsibility, and dignity in the people of Chile. These principles have been instrumental in improving the value of the industries and institutions in the country (Larroulet, 2013).

Over the last half century, there have been a lot of different leaders in Chile who have sought to improve the value of the economy of their country. These efforts have been met with a lot of false starts and opposition, with some leaders blaming the countrys geographical location, its long terrain and even the culture in the country. Still, the country had overcome these obstacles. One of the philosophies that have been instrumental in defining the road to economic prosperity in Chile is that the failure for the country to achieve their desired economic development is not related to the obstacles. The achievement of economic development is a function of its institutions and public policy to the ever-changing cultural, political and economic scene (Larroulet, 2013). This philosophy saw the rise of the private sectors and the reliance of the Chilean economy on entrepreneurship, competition, savings, innovation and investment. The country also adopted a social policy that saw both private and public institutions provide public services. In addition to this, the country also made sure to practice democratic representation as of 1990. This new democratic agenda created institutional stability in the country (Larroulet, 2013).

Second Paragraph

The article is very detailed in the description of Chiles economy. The first point presented is in the development of Chile into the first developed nation in Latin America. This makes for a valuable study of the economic development of Chile. The article goes into detail about the changes that were made to the political and economic culture of Chile as it consistently improved its economy. Some of the most important issues that are discussed in the article include the challenges that the country faced in striving for economic productivity. This information gives perspective to the different social and economic issues that Chile faced in its succession to economic development.

The article is very distinct in the valuation of the steps that the country made to improve its economic performance. The three issues discussed make for excellent information on how exactly the country made economic strides. The redesign of the economic culture, build around collective input from both public and private sector is an invaluable progression for the Chilean Economy. The social policy that the country adopted as far as collective responsibility for public services denotes their determination to improve the social and economic realities of the citizens of Chile. Implementing a democratic administration furthered this responsibility as a more socially sensitive system was adopted. Representation of the people by elected officials has given much value to the decision that is made in the country as far as allocation of resources and investment decisions. These are some of the points that the country has made sure to capitalize on in their road to sustainable economic development.

References

Larroulet, C. (2013). Chiles Path to Development: Key Reforms to Become the First Developed Country in Latin America The Heritage Foundation. Retrieved 4 February 2017, from http://www.heritage.org/americas/report/chiles-path-development-key-reforms-become-the-first-developed-country-latin