Inequalities in Chile Essay Example | Topics and Well Written Essays - 1500 words

Inequalities in Chile - Essay Example Their role in ensuring the same may well go beyond into the future with a view to making the economy great as well as rising the living standards of the citizenry. Lately, there have been emerging trends in the world that have necessitated a close scrutiny in order to unravel the reasons behind them and their relationship to growth (OECD, 2009). There exist a number of inequalities that may impact the growth prospects of a country. Therefore, comprehensive assessments should be carried out in order to establish the underlying trends so as to address this phenomenon at the earliest opportunity and unearth possible facts. Chile has always enjoyed stability in democracy as well as the economy across South America. In the whole of Latin America, the people of Chile have benefited from improved standards of living, efficiency and effectiveness of the government that has the lowest levels of corruption and a functioning democracy that serves the interests of all citizens in the region. Nev ertheless, despite having all these developments in democracy with resolute institutions coupled with a continued growth in the economy, there have been reported levels of inequality in the socioeconomic platform that can be traced from the previous leadership that failed to guarantee a fair treatment to everyone in the society (Robinson, 2001). This kind of inequality in the Latin America region emanates from social decadence with roots way back in colonialism time where the monopolistic aspect of the royal families controlled the economy to a great extent. This action left large chunks of wealth to a few individuals who became filthily affluent, something that widened the gap between those at the helm of leadership and those in the ‘working nation’ with this phenomenon staying long enough even after attaining self-government (Barron, 2009). This led to unnecessary pressures in the social setup, thus jeopardizing the stability that ensures victory within a democratic c ountry in the class of Chile. This country also followed the same route that rewards a few people in the economy which saw immense pressures mount in the 1970s due to the idea to redistribute the wealth acquired unfairly to those who never had any or those with meagre traces (Suter, 2010). To address this inequality, several policies were drafted that aimed at charting the best way possible to redistribute the wealth for the benefit of all. This was also to nationalise all other major sectors and tackle the inequality amicably. Notably, there was very little growth at the time of this inequality and there could be no growth since wealth accumulation was directed to one side of the rich and powerful (Anastassiou, 2011). However, the effort to undertake the redistribution was met with friction amongst the affected, thus bruising the economy with the unending chaos experienced that was evident from how the policies were implemented. The dictatorial leadership altered the economic struc ture leading to an eventual coup with the economy status still struggling to regain strength soon after the coup. With the elapse of time, the then general constituted a team of experts to address the problem and undertake an overhaul that saw Chile on its feet again. Their activities’ objectives were concerned with tackling inflation that was biting heavily and other monetary policies that remained strict and tight. Many barriers to trade came to an end with some tariffs facing abolishment to pave the way for more lucrative business deals within and without the country (Boesten, 2010). The economy was given a facelift that made the country start exporting some of its surplus, thus leading to a