Correa's and Ecuador's Success drive The Economist Nuts

[naaman fletcher]

7. I've not read that before.

Do you have any good sources? What I find is things like this:

in 1972 the Chilean escudo had runaway inflation of 140%. The average Real GDP contracted between 1971 and 1973 at an annual rate of 5.6% ("negative growth&quot , and the government's fiscal deficit soared while foreign reserves declined.[7] The combination of inflation led to the rise of black markets in rice, beans, sugar, and flour, and a "disappearance" of such basic commodities from supermarket shelves.[8]

In addition to the earlier-discussed provision of employment, Allende also raised wages on a number of occasions throughout 1970 and 1971. These rises in wages were negated by continuing increases in prices for food. Although price rises had also been high under Frei (27% a year between 1967 and 1970), a basic basket of consumer goods rose by 120% from 190 to 421 escudos in one month alone, August 1972. In the period 1970-72, while Allende was in government, exports fell 24% and imports rose 26%, with imports of food rising an estimated 149%.[9] Although nominal wages were rising, there was not a commensurate increase in the standard of living for the Chilean population.

http://en.wikipedia.org/wiki/Presidency_of_Salvador_Allende#Economics