Alternative Economic Development Strategies in the Third World: Chile under Salvador Allende Gossens

Abstract

The Chilean experiments of formulating and implementing capitalist and socialist
economic development strategies in the late 50s through early 70s form the core of this
study. Because of the commitment of the United States Government to the
development and protection of private property interests and mutatis mutandis, direct
foreign investments in the Third World, Dr. Salvador Allende's comprehensive
programme of socialising the means of production in Chile from 1970–1973
engendered United States Government's hostile reactions, contributing to Chile's
“invisible economic blockadeâ€, and eventually, a violent overthrow of the Allende
Presidency through a bloody coup de'tat on September 11, 1973. The study
highlighted the lessons to be learnt from the Allende socialist experiment by any Third
World country.