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A new Constitution was adopted in Chile in 1980, which authorized General Pinochet to serve as president for another eight-year term, to be followed by a plebiscite on his presidency.

A new Constitution was adopted in Chile in 1980, which authorized General Pinochet to serve as president for another eight-year term, to be followed by a plebiscite on his presidency.

Pinochet moved Chile into a market economy, privatizing many inefficient government businesses, and opening the country to foreign investment. The stability that his government gave encouraged foreign investors to come to Chile. His minister, [[José Piñera]], started one of the first [[private pension accounts|Individual capitalization]] pension systems in the world, which has been highly successful.  

Pinochet allowed the [[Chicago Boys]] to move Chile into a market economy, privatizing many inefficient government businesses, and opening the country to foreign investment. The stability that his government gave encouraged foreign investors to come to Chile. His minister, [[José Piñera]], started one of the first [[private pension accounts|Individual capitalization]] pension systems in the world, which has been highly successful. [[Hernán Büchi]] was responsible of reintroducing economic liberal policies in the end of the government.

Using its leverage over Pinochet to curtail Chilean human rights abuses, the US simultaneously pressured Chile to introduce a series of economic reforms, a process that escalated sharply in the eighties.  This led to a period of rapid economic expansion and development without precedent in Latin America, in which growth averaged 7% annually, that came to be known as the "''miracle of Chile''" (it also included the region's greatest reductions in infant mortality<ref>Nick Eberstadt, The Poverty of Communism (Transaction Publishers, 1990), pp188,

Using its leverage over Pinochet to curtail Chilean human rights abuses, the US simultaneously pressured Chile to introduce a series of economic reforms, a process that escalated sharply in the eighties.  This led to a period of rapid economic expansion and development without precedent in Latin America, in which growth averaged 7% annually, that came to be known as the "''miracle of Chile''" (it also included the region's greatest reductions in infant mortality<ref>Nick Eberstadt, The Poverty of Communism (Transaction Publishers, 1990), pp188,